Allen Moving Company Uses the Indirect Method to Prepare Its

Allen Moving Company uses the indirect method to prepare its statement of cash flows.Refer to the following portion of the comparative balance sheet:
$\begin{array}{c}\text { Allen Company}\\\text { Comparative Balance Sheet}\\\text { December 31,2017 and 2016}\\\begin{array}{|l|r|r|r|}\hline&2017 & 2016 & \text { Increase/(Decrease) }\\\hline \text { Common Stock } & \$ 34,000 & \$ 10,000 & \$ 24,000 \\\hline \text { Retained Earnings } & 115,000 & 90,000 & 25,000 \\\hline \text { Treasury Stock } & \underline{13,000} & \underline{(8,000} & \underline{(5,000} \\\hline \text { Total Stockholders' Equity } & 136,000 & 92,000 & 44,000\\\hline \end{array}\end{array}$ If the net income for the year was $67,000,the company must have declared $42,000 as dividends during the year.