On 12/31/12, Heaton Industries Inc. reported retained earnings of $700,000 on its balance sheet, and it reported that it had $167,012 of net income during the year. On its previous balance sheet, at 12/31/11, the company had reported $550,000 of retained earnings. No shares were repurchased during 2012. How much in dividends did Heaton pay during 2012?

(Round your answer to 2 decimal places.)