On 12/31/2013,Heaton Industries Inc.reported retained earnings of $675,000 on its balance sheet,and it reported that it had $172,500 of net income during the year.On its previous balance sheet,at 12/31/2012,the company had reported $555,000 of retained earnings.No shares were repurchased during 2013.How much in dividends did Heaton pay during 2013?

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$$\begin{array} { l l } 
12 / 31 / 2013 \text { RE } & \$ 675,000 \
12 / 31 / 2012 \text { RE } & \$ 555,000 \
\text { Change in RE } & \$ 120,000 \
\text { Net income for } 2013 & \$ 172,500 \
\text { Dividends = net incame - change } & \$ 52,500
\end{array}$$