Dawls company reported stockholder's equity on Dec 31 of the prior year as follows: common stock $5 par value, 1000000 shares authorized, 500000 shares issued $2500000 Paid-in capital in excess of par common stock $1000000 Retained earnings 3000000 The following selected transactions ocurred during the current year: Feb 15 - the board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per share March 9 - paid the stock dividend May 1 - A cash of 0.30$ per share was decared by the board of directors to stockholders of record on May 20, payable June 1 June 1 - paid cash dividend August 20 - the board decided to split the stock 4-for-1, effective on September 1 September 1- stock split 4for1 Dec 31 - Earned a net income of $800000 for the current year. Prepare a net income of $800000 for the current year