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On 12/31/11, Sunshine Industries reported retained earnings of $525,000 on its balance sheet, and it reported that it had $155,000 of net income during the year. On its previous balance sheet, at 12/31/10, the company had reported $420,000 of retained earnings. No shares were repurchased during 2011. How much in dividends did the firm pay during 2011? Please Show work!

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