Consider the following facts for Java Jolt:
a. Beginning and ending Retained Earnings are $45,000 and $70,000, respectively. Net income for the period is $60,000.
b. Beginning and ending Plant Assets are $124,500 and $134,500, respectively.
c. Beginning and ending Accumulated Depreciation-Plant Assets are $21,500 and $26,500, respectively.
d. Depreciation Expense for the period is $17,000, and acquisitions of new plant assets total $29,000. 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?