Retained earnings balance at the beginning of the year $ 328,000 cash dividends declared for the year 73,750 proceeds from the sale of equipment 126,800 gain on the sale of equipment 7,350 cash dividends payable at the beginning of the year 32,450 cash dividends payable at the end of the year 39,500 net income for the year 162,250 the amount of cash paid for dividends was:

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.