Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: 58 Skipped Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $333,000 75,000 129,000 7,500 33,000 40,000 165,000 The amount of cash paid for dividends was: Multiple Choice $92,000. $73,000. $68,000. $90,000. $75,000