Response to the following problem:
Compute the following items for the statement of cash flows:
a. Beginning and ending Retained Earnings are $45,000 and $73,000, respectively. Net income for the period is $62,000. How much are cash dividends?
b. Beginning and ending Plant Assets, net, are $103,000 and $107,000, respectively. Depreciation for the period is $16,000, and acquisitions of new plant assets total $27,000. Plant assets were sold at a $1,000 loss. What were the cash proceeds of the sale?