Answer Happy

The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$4 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 140,000 Paid-in capital in excess of par value, common stock 100,000 340,000 Retained earnings Total stockholders' equity $ 580,000 Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Text Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.60 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.60 per share cash dividend, date of record April 10. Declared a $0.60 per share cash dividend, date of record July 10. July 5 July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. Issued the stock dividend that was declared on July 31. August 14 October 5 Declared a $0.60 per share cash dividend, date of record October 10. Problem 11-4A (Algo) Part 5 5. How much net income did the company earn this year? Net income $164,800 149,600 440,000 754,400 (30,000) $724,400