The comparative balance sheet of the Royal Corporation shows the following information:

During 1980 stock dividends of \(\$ 140.000\) were issued to common stockholders. In addition. common stockholders received \(\$ 70,000\) in cash dividends; the preferred stockholders received \(\$ 40,500\) in cash dividends. On July 1, 1980, preferred stock with a par value of \(\$ 150,000\) was called at 104 ; that is, \(\$ 156.000\) was paid to retire the shares. What net income is reported to stockholders for 1980 ?

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Preferred Stock (6%) Common Stock Retained Earnings Total Stockholders' Equity Dec. 31, 1979 $ 750,000 1,400.000 324,000 $2,474,000 Dec. 31, 1980 $ 600,000 1,540,000 372,000 $2,512,000