New Orleans Chemicals Company follows the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:

New Orleans Chemicals Company
Comparative Balance Sheet
December 31, 2018 and 2017
2018 2017 Increase/ (Decrease)
Common Stock $ $35,000 $2,200 $32,800
Retained Earnings 157,000 92,000 65,000
Treasury Stock (8,100) (5,200) (2,900)
Total Equity $183,900 $89,000 $94,900
Net Income for 2018 was $94,000.

Based on the above information, determine the amount of dividends declared during 2018.

$2,000

Explanation:

The dividend here can be calculated using the following formula:

Dividend paid = (Closing Retained Earnings - Opening Retained Earnings + Profit for the year)

Here,

Closing Retained Earnings is $157,000

Opening Retained Earnings is $65,000

And

Profit for the year is $94,000

By putting values, we have:

Dividend paid =  $65,000 + $94,000 - $157,000

= $2,000

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