Problem $3\mathrm{.}10($Statement of Stockholders Equity$)$

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Problem Walk$-$Through

Electronics World Inc. paid out $$13\mathrm{.}5$ million in total common dividends and reported $$328\mathrm{.}2$ million of retained earnings at year$-$end. The prior year's retained earnings were $$233$ million. What was the net income? Assume that all dividends declared were actually paid. Write out your answer completely. For example, $25$ million should be entered as $25,000,000.$ Round your answer to the nearest dollar, if necessary.

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