Woodlawn 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 $ 313,000 Cash dividends declared for the year 70,000 Proceeds from the sale of equipment 120,200 Gain on the sale of equipment 6,900 Cash dividends payable at the beginning of the year 30,800 Cash dividends payable at the end of the year 38,000 Net income for the year 154,000 The amount of cash paid for dividends was:

$70,000.

$85,200.

$68,800.

$62,800.

$84,000.