Required information [The following information applies to the questions displayed below.) The stockholders' equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) ($ and shares in thousands) Stockholders' equity: Preferred stock, si par value $ 5,700 Common stock, $i par value 27,000 Additional paid-in capital 964,200 Total paid-in capital 996,900 Retained earnings 285,000 Treasury stock, 11,000 common shares (319,000) Total stockholders' equity $ 962,900 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. 4. If retained earnings at the beginning of the period was $247 million and $27 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in million (i.e., 5,000,000 should be entered as 5).) Net income million