[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	$	5,500
Common stock, $1 par value		25,000
Additional paid-in capital		842,000
Total paid-in capital		872,500
Retained earnings		283,000
Treasury stock, 12,000 common shares		(324,000)
Total stockholders' equity	$	831,500

Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands.

3. If the common shares were issued at $25 per share, at what average price per share were the preferred shares issued? Preferred shares issued price $113 share eBook & Resources eBook: Prepare and analyze the stockholders equity section of a balance sheet and the statement of stockholders equity Award: 0 out of 6.25 points 4. If retained earnings at the beginning of the period was $245 million and $25 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).) Net income $ 258 million