The year-end 2021 balance sheet for Tom's Copy, Inc. lists common stock ($1.00 par value) of $18,260, capital surplus of $27,940 and retained earnings of $57,640 . On the 2020 year-end balance sheet, retained earnings are listed as $50,480 . The firm's net income in 2021 was $25,000 . No stock was issued or repurchased in 2021. What were total dividends paid by the firm in 2021? Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568.

To find the total dividends paid by the firm in 2021, we can use the following formula: Total Dividends = Net Income - Change in Retained Earnings First, let's calculate the change in retained earnings from 2020 to 2021: Change in Retained Earnings = Retained Earnings (2021) - Retained Earnings (2020) Change in Retained Earnings = $57,640 - $50,480 = $7,160 Now, we can calculate the total dividends paid: Total Dividends = Net Income - Change in Retained Earnings Total Dividends = $25,000 - $7,160 Total Dividends = $17,840 So, the total dividends paid by the firm in 2021 were $17,840.