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Norris Company declared cash dividends of $60,000 during the year. Cash dividends payable were $20,000...

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Accounting

Norris Company declared cash dividends of $60,000 during the year. Cash dividends payable were $20,000 at the beginning of the year and $25,000 at the end of the year. The amount of cash Norris Co. used for payment of dividends during the year was

a. $65,000

b. $55,000

c. $105,000

d. $80,000

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