Problem:
On January 1, 2010, Metco, Inc., had issued an outstanding 264,000 shares of $2 par value common stock. On March 15, 2010, Metco, Inc., purchased for its treasury 3,100 shares of its common stock at a price of $39.00 per share. On August 10, 2010, 640 of these treasury shares were sold for $45.00 per share. Metco's directors declared cash dividends of $.70 per share during the second quarter and again during the fourth quarter, payable on June 30, 2010, and December 31, 2010, respectively. A 2.00% stock dividend was issued at the end of the year. There were no other transactions affecting common stock during the year.
Calculate the total amount of cash dividends paid in the fourth quarter.
Dividends paid: ____________