Taylor Chemicals Company follows the indirect method to prepare its statement of cash flows
Refer to the following portion of the comparative balance sheet:
Taylor Company
Comparative Balance Sheet
December 31, 2017 and 2016
2016 2015 Increase/(Decrease)
Common Stock $34,000 $2,100 $31,900
Retained Earnings 156,000 94,000 62,000
Treasury Stock (8,300 ) (5,200 ) (3,100 )
Total Equity $181,700 $90,900 $90,800
Net Income for the year was $89,000.
Based on the above information, determine the amount of dividends declared during 2016.
A) $3,100
B) $89,000
C) $62,000
D) $27,000
D .D)
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