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-$6 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 $ 180,000 140,000 360,000 $680,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 35,200 shares issued, 4,000 shares in treasury Retained earnings ($60,000 restricted by treasury stock) Paid-in capital in excess of par value, common stock Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a se.50 per share cash dividend, date of record January 10. Purchased treasury stock for cash. March 20 April 5 July 5 July 31 August 14 Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock dividend when the stock's market value was $10 per share. Issued the stock dividend that was declared on July 31. October 5 Declared a $0.50 per share cash dividend, date of record October 10. 5. How much net income did the company earn this year? Net income $211,200 160,800 420,000 792,000 (60,000) $ 732,000