The accountant for Walter 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	$	129,000
Cash dividends declared for the year		49,000
Proceeds from the sale of equipment		84,000
Gain on the sale of equipment		7,600
Cash dividends payable at the beginning of the year		21,000
Cash dividends payable at the end of the year		23,600
Net income for the year		95,000

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