Consider the following simplified financial statements for the Phillips Corporation (assuming no income taxes): Income Statement Balance Sheet Sales $24,000 Assets $9,700 Debt $5,300 Costs 13,000 Equity 4,400 Net income $11,000 Total $9,700 Total $9,700 Phillips has predicted a sales increase of 12 percent. It has predicted that every item on the balance sheet will increase by 12 percent as well. Required: Calculate the dividend paid. (Do not round your intermediate calculations.)