The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 879,000 Net income for the year 260,000 Cash dividends declared for the year 48,000 Retained earnings balance at the end of the year 1,187,000 Cash dividends payable at the beginning of the year 11,200 Cash dividends payable at the end of the year 12,800 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?