Fernwood Company Is Preparing the Company's Statement of Cash Flows

Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended.The following information is available:
$$\begin{array} { l c } \text { Retained earnings balance at the beginning of the year } & \$ 233,000 \\\text { Cash dividends declared for the year } & 50,000 \\\text { Proceeds from the sale of equipment } & 85,000 \\\text { Gain on the sale of equipment } & 4,500 \\\text { Cash dividends payble at the beginning of the year } & 22,000 \\\text { Cash dividends payable at the end of the year } & 30,000 \\\text { Net income for the year } & 110,000\end{array}$$
The amounc of cash paid for dividends was:

A) $52,000.
B) $60,000.
C) $58,000.
D) $50,000.
E) $42,000.