Consider the following facts for Espresso Place:

a. Beginning and ending Retained Earnings are $ 44,000 and $ 70,000, respectively. Net income for the period is $ 61,000.

b. Beginning and ending Plant Assets are $ 124,800 and $ 130,800, respectively.

c. Beginning and ending Accumulated Depreciation—Plant Assets are $ 20,800 and $ 21,800, respectively.

d. Depreciation Expense for the period is $ 17,000 and acquisitions of new plant assets total $ 28,000. Plant assets were sold at a $ 5,000 gain.

Requirements

1. How much are cash dividends?

2. What was the amount of the cash receipt from the sale of plant assets?