Assume that the following amounts arc known for Colten Company for the current year:
Retained Earnings, beginning balance ....................... $210,000
Retained Earnings, ending balance .......................... 250,000
Net income ..................................................... 115,000
Fair value of large stock dividend declared ............... 25,000
Dividend Payable, beginning balance ...................... 75,000
Dividend Payable, ending balance .......................... 80,000
Required
1. Assume that the only other amount that affected Retained Earnings during the year was a cash dividend that was declared. Compute the amount of the cash dividend declared during the current year.
2. Compute the amount of cash dividends actually paid in cash to stockholders during the year.