The following statements are unrelated. Examine each independently, post the balances in the T-accounts AND clearly answer the question below. EXAMPLE Long-term Debt a) Long-term debt had a January 1 balance of $85,000 and a December 31 balance of $155,000. During the year, cash payments of $30,000 were made. There were no other transactions affecting long-term debt during the year. Determine the cash received from new long-term debt being issued (sold). (4 marks) b) Retained earnings had a January 1 balance of $375,000 and a December 31 balance of $255,000. The income statement reported net income of $125,000 for the year. Dividends payable had a January 1 balance of $35,000 and a December 31 balance of zero. There were no other transactions affecting dividends that year. Determine the cash paid for dividends during the year. (6 marks)