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	$	248,000
Cash dividends declared for the year		53,750
Proceeds from the sale of equipment		91,600
Gain on the sale of equipment		4,950
Cash dividends payable at the beginning of the year		23,650
Cash dividends payable at the end of the year		31,500
Net income for the year		118,250

The amount of cash paid for dividends was:

Multiple Choice

• $45,900.

• $55,150.

• $53,750.

• $63,100.

• $64,500.