7 Part 5 of 5 2.22 points Required information [The following information applies to the questions displayed below.] 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, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 120,000 80,000 340,000 Retained earnings eBook Total stockholders' equity Print Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 35,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) References Less cost of treasury stock $ 540,000 Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. Purchased treasury stock for cash. April 5 July 5 March 20 Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock dividend when the stock's market value was $10 per share. Issued the stock dividend that was declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record October 10. July 31 August 14 5. How much net income did the company earn this year? Net income $ 140,800 111,200 400,000 652,000 (60,000) $ 592,000