Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year	$ 268,000
Cash dividends declared for the year	58,750
Proceeds from the sale of equipment	100,400
Gain on the sale of equipment	5,550
Cash dividends payable at the beginning of the year	25,850
Cash dividends payable at the end of the year	33,500
Net income for the year	129,250

The amount of cash paid for dividends was:

$69,900.$59,350.$70,500.$51,100.$58,750.