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:

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

Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $ 136,000 56,000 91,000 9,000 28,000 32,000 102,000