The accountant for Mandarin Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available 88 Retained earnings balance at the beginning of the $ 979,000 year Skipped Net income for the year 310,000 Cash dividends declared for the year 58,000 1,487,000 Retained earnings balance at the end of the year Cash dividends payable at the beginning of the year 13,200 Cash dividends payable at the end of the year 15,800 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows? Multiple Choice $60,600 $55,400 $58,000 $2,600. $87,000