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: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes Profit Cash Cash equivalents Accounts receivable Inventory Investment Instant Brake Inc. Income Statement December 31, 2023 Land $132,800 41,360 8,130 15,520 Instant Brake Inc. Balance Sheet Information 2023 $ 56,000 21,280 89,920 115,840 $889,000 584,000 $305,000 78 400 174,160 130, 840 December 31 138,230 26,000 $112,230 2022 $ 26,560 11, 200 45,440 91,520 21,280 78 400 Net Change $ 29,440 10,080 44,480 24,320 (21,280) a

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 During 2023 , the following transactions occurred: 1. Purchased equipment for $20,000 cash. 2. Sold the investment on January 1,2023 , for $36,800, resulting in investment income of $15,520. 3. Sold equipment for $7,120 cash that had originally cost $35,520 and had $20,270 of accumulated depreciation. 4. Issued $32,000 of bonds payable at face value. Required: 1. How much cash was paid in dividends? 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 During 2023 , the following transactions occurred: 1. Purchased equipment for $20,000 cash. 2. Sold the investment on January 1,2023 , for $36,800, resulting in investment income of $15,520. 3. Sold equipment for $7,120 cash that had originally cost $35,520 and had $20,270 of accumulated depreciation. 4. Issued $32,000 of bonds payable at face value. Required: 1. How much cash was paid in dividends