Instant Brake Inc's comparative balance sheet Information at December 31, 2020 and 2019, and its Income statement for the year ended December 31, 2020, are as follows: Instant Brake Inc. Income Statement December 31, 2020 Sales $875,000 Cost of goods sold 573,000 Gross profit $302,000 Operating expenses $132,690 Depreciation expense 41,250 173,948 Operating Profit 128,060 Loss on sale of equipment 10,990 Investment incone 18,020 Profit before taxes 135,090 Income taxes 15,000 Profit $120,090 Instant Brake Inc. Balance Sheet Information December 31 2020 2019 Net Change Cash Cash equivalents $ 45,000 $ 24,360 $ 20,640 23,780 9,000 14,780 Accounts receivable 87,720 34,440 53,280 Inventory 113,640 80,520 33,120 Investment e 23,780 23,780) Land 76,200 76,200 Building and equipment 425,950 443,970 (18,020) Accumulated depreciation 115,050 93,960 21,000 Accounts payable 13,120 37,200 (24,080) Dividends payable 1,400) 900 500 Bonds payable 21,000 e 21,000 Preferred shares 81,000 81,000 e Connon shares 405,480 405,480 Retained earnings 135,240 73,730 61,510 During 2020, the following transactions occurred: 1. Purchased equipment for $20,500 cash. 2. Sold the investment on January 1, 2020, for $41,800, resulting in investment Income of $18,020 3. Sold equipment for $7.370 cash that had originally cost $38.520 and had $20,160 of accumulated depreciation 4. Issued $21,000 of bonds payable at face value. Required: 1. How much cash was paid in dividends?