The accountant for Robinson 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 $167,000
- Cash dividends declared for the year $46,000
- Proceeds from the sale of equipment $84,000
- Gain on the sale of equipment $9,000
- Cash dividends payable at the beginning of the year $22,000
- Cash dividends payable at the end of the year $43,000
- Net income for the year $93,000
The amount of cash dividends paid during the year would be:
1. $78,000.
2. $46,000.
3. $25,000.
4. $13,000.
5. $83,000.