Lockhart Industries reported total stockholders' equity of $415,000 on its balance sheet dated December 31, 2021. During

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Lockhart Industries reported total stockholders' equity of$415,000 on its balance sheet dated December 31, 2021. During theyear ended December 31, 2022, the company declared and paid a cashdividend of $15,500, declared and distributed a 10% stock dividendwith a $16,000 total market value, and issued additional commonstock for $95,000. If total stockholders' equity as of December 31,2022 is $527,000, what was the amount of net income for the yearended December 31, 2022?
1. $32,500
2. $63,500
3. $79,500
4. $48,500