Tennessee Moving Company Uses the Indirect Method to Prepare Its

Tennessee Moving Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:
$\begin{array}{c}\text { Tennessee Company}\\\text { Comparative Balance Sheet}\\\text { December 31,2018 and 2017}\\\begin{array}{|l|r|r|r|}\hline& 2018 & 2017 & \text { Increase/(Decrease) } \\\hline \text { Common Stock } & \$ 36,000 & \$ 12,000 & \$ 24,000 \\\hline \text { Retained Earnings } & 114,000 & 92,000 & 22,000 \\\hline \text { Treasury Stock } & \underline{(12,000} & \underline{(3,000} & \underline{(9,000} \\\hline \text { Total Stockholders' Equity } & \underline{138,000} & \underline{101,000} & \underline{37,000} \\\hline\end{array}\end{array}$
If the net income for the year was $66,000, the company must have declared $44,000 as dividends during the year.