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 $ $879,000$

Cost of goods sold $579,000$

Gross profit $ $300,000$

Operating expenses $ $132,750$

Depreciation expense $41,310174,060$

Operating Profit $125,940$

Loss on sale of equipment $5,430$

Investment income $13,020$

Profit before taxes $133,530$

Income taxes $21,000$

Profit $ $112,530$

Instant Brake Inc.

Balance Sheet Information

December $31$

$20232022$ Net Change

Cash $ $51,000$ $ $25,560$ $ $25,440$

Cash equivalents $18,78010,2008,580$

Accounts receivable $88,92040,44048,480$

Inventory $114,84086,52028,320$

Investment $018,780(18,780)$

Land $77,40077,4000$

Building and equipment $449,310462,330(13,020)$

Accumulated depreciation $124,050102,96021,090$

Accounts payable $17,28038,400(21,120)$

Dividends payable $1,800900900$

Bonds payable $27,000027,000$

Preferred shares $82,20082,2000$

Common shares $406,680406,6800$

Retained earnings $141,24090,09051,150$

During $2023,$ the following transactions occurred:

Purchased equipment for $$19,500$ cash.

Sold the investment on January $1,2023,$ for $$31,800,$ resulting in investment income of $$13,020.$

Sold equipment for $$6,870$ cash that had originally cost $$32,520$ and had $$20,220$ of accumulated depreciation.

Issued $$27,000$ 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.$)$