On 12/31/07, July Industries Inc. reported retained earnings of $675,000 on its balance sheet, and.. 1 answer below »

On 12/31/07, July 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 12/31/06, the company had reported $555,000 of retained earnings. No shares were repurchased during 2007. How much in dividends did July Industries pay during 2007?

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