Exercise 10-76 Retained Earnings

The December 31, 2020 comparative balance sheet of Smith Industries includes the following stockholders' equity section:

		2020		2019
Common stock, $2 par, 80,000 shares authorized, 60,000 shares issued and outstanding		$120,000		$120,000
Additional paid-in capitalcommon stock		371,800		371,800
Total capital stock		$491,800		$491,800
Retained earnings		173,000		116,000
Total equity		$664,800		$607,800

Required:

During 2020 Smith paid dividends of $0.50 per share. What was Smith's net income for 2020?

Net Income $