Required Information Problem 11-4A (Algo) Analyzing changes in stockholders' equity accounts LO C3, P2, P3 [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-$5 par value, 100,000 shares authorized, 30,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $150,000 110,000 320,000 $580,000 Stockholders. Equity (December 31) Common stock-$5 par value, 180,880 shares authorized, 35,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $175,000 145,000 440,000 760,000 (50,000) $710,000 The following transactions and events affected its equity during the year. Jan. 5 Declared a $e.5e per share cash dividend, date of record January 1e. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $2.50 per share cash dividend, date of record April 18. July 5 Declared a $8.50 per share cash dividend, date of record July 1e. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. oct. 5 Declared a $8.50 per share cash dividend, date of record October 18. Problem 11-4A (Algo) Part 5 5. How much net Income did the company earn this year? Answer is complete but not entirely correct. Net income $ 265,000