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On January 1, 2019, Cumberland Electrics retained earnings balance was $63,000. In 2019, Cumberland produced net income of $55,000 and their ending retained earnings balance

On January 1, 2019, Cumberland Electric’s retained earnings balance was $63,000. In 2019, Cumberland produced net income of $55,000 and their ending retained earnings balance on December 31 was $85,000. How much did Cumberland pay in dividends in 2019?

  • $22,000
  • $30,000
  • $33,000
  • $77,000

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