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 (porttal) (5 and shares in thousands) Stockholders' equity Preferred stock, 51 par value $ 4,200 Common stock, 51 par value 12,000 Additional paid in capital 262,200 Total paid in capital 278,400 Retained earnings 270,000 Treasury stock, 10,000 comon shares (140,000 Total stockholders' equity $ 400,400 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 $232 million and $12 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in mililon (1.0., 5,000,000 should be entered os 5).) Not Income million