Canadian Tire Corporation, Limited reported a profit of $499.2 million for the year ended December 29, 2012.

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Canadian Tire Corporation, Limited reported a profit of $499.2 million for the year ended December 29, 2012. Its retained earnings were $3,686.4 million at the beginning of the year and $4,074.4 million at the end of the year. It had no dividends payable at the beginning or end of the year. Assuming no other changes to retained earnings, what amount of dividends did Canadian Tire pay during the year? Would your answer change if you knew that the Dividends Payable account increased during the year?
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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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