Tennessee Moving Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Tennessee Company Comparative Balance Sheet December 31, 2024 and 2023 Common Stock Retained Earnings Treasury Stock Total Stockholders' Equity 2024 $33,000 111,000 2023 $11,000 82,000 Increase/(Decrease) $22,000 29,000 (12,000) (5,000) (7,000) 132,000 88,000 44,000 If the net income for the year was $65,000, the company must have declared $36,000 as dividends during the year. True False