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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$200,000Paid-in capital in excess of par value, common stock160,000Retained earnings360,000Total stockholders' equity$720,000

Stockholders' Equity (December 31)Common stock$5 par value, 100,000 shares

authorized, 47,000 shares issued, 5,000 shares in treasury$235,000Paid-in capital in excess of par value, common stock209,000Retained earnings ($60,000 restricted by treasury stock)400,000844,000Less cost of treasury stock(60,000)Total stockholders' equity$784,000

The following transactions and events affected its equity during the year.

Jan.5Declared a $0.60 per share cash dividend, date of record January 10.Mar.20Purchased treasury stock for cash.Apr.5Declared a $0.60 per share cash dividend, date of record April 10.July5Declared a $0.60 per share cash dividend, date of record July 10.July31Declared a 20% stock dividend when the stock's market value was $12 per share.Aug.14Issued the stock dividend that was declared on July 31.Oct.5Declared a $0.60 per share cash dividend, date of record October 10.

5.How much net income did the company earn this year?