Assume that the following amounts are known for Colten Company for the current year: Retained Earnings, beginning balance $346,000; Retained Earnings, ending balance 415,000; Net income 190,000; Fair value of large stock dividend declared 42,000; Dividend Payable, beginning balance 125,00; Dividend Payable, ending balance 138,000.
Required: 1. Assume that the only other amount that affected Retained Earnings during the year was a cash dividend that was declared. Compute the amount of the cash dividend declared during the current year.
2. Compute the amount of cash dividends actually paid in cash to stockholders during the year.