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On 12/31/08, Hite Industries reported retained earnings of $502,500 on its balance sheet, and it reported that it had $135,000 of net income during the

On 12/31/08, Hite Industries reported retained earnings of $502,500 on its balance sheet, and it reported that it had $135,000 of net income during the year. On its previous balance sheet, at 12/31/07, the company had reported $445,000 of retained earnings. No shares were repurchased during 2008. How much in dividends did the firm pay during 2008

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