The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year $135,500

Cash dividends declared for the year $55,500

Proceeds from the sale of equipment $90,500

Gain on the sale of equipment $8,900

Cash dividends payable at the beginning of the year $27,500

Cash dividends payable at the end of the year $31,400

Net income for the year $101,500

The amount of cash dividends paid during the year would be:

$267,000.

$271,100.

$295,000.

$193,000.

$51,600.