Required information [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, 40,000 shares issued and outstanding $ 200,000 Paid-in capital in excess of par value, common stock 160,000 Retained earnings 340,000 Total stockholders equity $ 700,000 Stockholders Equity (December 31) Common stock$5 par value, 100,000 shares authorized, 47,400 shares issued, 3,000 shares in treasury $ 237,000 Paid-in capital in excess of par value, common stock 211,800 Retained earnings ($40,000 restricted by treasury stock) 400,000 848,800 Less cost of treasury stock (40,000 ) Total stockholders equity $ 808,800 The following transactions and events affected its equity during the year. Jan. 5 Declared a $0.40 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 Declared a $0.40 per share cash dividend, date of record April 10. July 5 Declared a $0.40 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stocks market value was $12 per share. Aug. 14 Issued the stock dividend that was declared on July 31. Oct. 5 Declared a $0.40 per share cash dividend, date of record October 10. 5. How much net income did the company earn this year?