The following account balances relate to the stockholders' equity accounts of Novak Corp. at year-end. Common stock, 10,500 and 10,000 shares, issued and 2022 2021 outstanding, respectively, for 2022 and 2021 Preferred stock, 5,000 shares, issued and outstanding Retained earnings $161,200 $130,800 165,200 165,200 303,600 251,300 A small stock dividend was declared and issued in 2022. The market price of the shares was $10,500. Cash dividends of $15,500 were declared and paid in both 2022 and 2021. The common stock and preferred stock have no par or stated value. (a) What was the amount of net income reported by Novak Corp. in 2022? Net income $