The accountant for Sysco 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 Net income for the year Cash dividends declared for the year Retained earnings balance at the end of the year Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year 869,000 255,000 47,000 1,157,000 11,000 12,500 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows? Multiple Choice $47,000. $70,500 O O $45,500 O $1,500. O $48.500