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, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock, 10,000 common shares Total stockholders' equity $ 5,000 20,000 525,000 600,000 278,000 (220.000) $ 658,000 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 $240 million and $20 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).) Not income million