The stockholders\' equity section of Velcro World is presented here. VELCRO WORL

Question

The stockholders' equity section of Velcro World is presented here.
VELCRO WORLD
Balance Sheet (partial)
($ in thousands)
Stockholders' equity:
Preferred stock, $1 par value $ 4,800
Common stock, $1 par value 11,000
Additional paid-in capital 584,000

Total paid-in capital 599,800
Retained earnings 294,000
Treasury stock, 16,000 common shares (240,000)

Total stockholders' equity $ 653,800

if retained earnings at the beginning of the period was $228 million and $22 million was paid in dividends during the year, what was the net income for the year?

Explanation / Answer

PEPP COMPANY Partial Balance Sheet December 31, 2007 Stockholders’ equity Paid-in capital Capital stock 7% Preferred stock, $100 par value, cumulative, 101,178 shares issued and outstanding **$ 10,117,800** Common stock, $5 par value **1,253,000** shares issued, and **1,237,677** shares outstanding **$6,188,385 ** Total capital stock **$16,306,185** Additional paid-in capital In excess of par value-preferred stock **$809,424 ** In excess of par value-common stock **$1,691,625** Total additional paid-in capital **$2,501,049**

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