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Compute the cash paid for dividends

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Reference no: EM132511931

The following information is for Elora Danan Company:

                                                 20X2                   20X1

Loans Payable                               $10,000           $20,000

Retained Earnings                            85,000              73,000

Common Stock                                 25,000           17,000

Net Income                                        18,000             20,000

Question 1: Using this information, compute the cash paid for dividends in 20X2. (Write the dollar amount of your answer. Do not write the dollar sign.)

Reference no: EM132511931

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