Record the following transactions on the books of Cullumber Co. (Omit cost of goods sold entries.) (a) On July 1, Cullumber Co. sold merchandise on account to Stacey Inc. for $20,820, terms 2/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,520 to Cullumber Co. (c) On July 11, Stacey Inc. paid for the merchandise.

For the year, uptowne furniture had sales of $818,790, costs of $748,330, and interest paid of $24,450. the depreciation expense was $56,100 and the tax rate was 34 percent. at the beginning of the year, the firm had retained earnings of $172,270 and common stock of $260,000. at the end of the year, retained earnings was $158,713 and common stock was $280,000. any tax losses can be used. what is the amount of the dividends paid for the year? a. $6,466 b. $7,566 c. $5,266 d. $6,898 e. $7,066