Instant Brake Inc.$$s comparative balance sheet information at December $31,2023$ and $2022,$ and its income statement for the year ended December $31,2023,$ are as follows:

Instant Brake Inc.

Income Statement

December $31,2023$

Sales $ $887,000$

Cost of goods sold $567,000$

Gross profit $ $320,000$

Operating expenses $ $132,630$

Depreciation expense $41,190173,820$

Operating Profit $146,180$

Loss on sale of equipment $14,350$

Investment income $21,020$

Profit before taxes $152,850$

Income taxes $21,000$

Profit $ $131,850$

Instant Brake Inc.

Balance Sheet Information

December $31$

$20232022$ Net Change

Cash $ $39,000$ $ $23,160$ $ $15,840$

Cash equivalents $26,7807,80018,980$

Accounts receivable $86,52028,44058,080$

Inventory $112,44074,52037,920$

Investment $026,780(26,780)$

Land $75,00075,0000$

Building and equipment $406,690427,710(21,020)$

Accumulated depreciation $109,05087,96021,090$

Accounts payable $6,46036,000(29,540)$

Dividends payable $2,6001,5001,100$

Bonds payable $15,000015,000$

Preferred shares $79,80079,8000$

Common shares $404,280404,2800$

Retained earnings $129,24053,87075,370$

During $2023,$ the following transactions occurred:

Purchased equipment for $$21,100$ cash.

Sold the investment on January $1,2023,$ for $$47,800,$ resulting in investment income of $$21,020.$

Sold equipment for $$7,670$ cash that had originally cost $$42,120$ and had $$20,100$ of accumulated depreciation.

Issued $$15,000$ of bonds payable at face value.

Required:

$1.$ How much cash was paid in dividends?

$2.$ Prepare a statement of cash flows for Instant Brake for the year ended December $31,2023,$ using the indirect method. $($List any deduction in cash and cash outflows as negative amounts.$)$