The retained earnings = net income - dividends

I am not sure how to calculate the net income. Thank you.

Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 6\%, \$10 par preferred, and \$1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 110,000 shares of common stock for $57 per share. February 14 Issue 47,000 shares of preferred stock for $12 per share. May 8 Purchase 11,000 shares of its own common stock for $47 per share. May 31 Resell 5,500 shares of treasury stock for $52 per share. December 1 Declare a cash dividend on its common stock of $0.65 per share and a $28,200 (6\% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15 . The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1 . roblem 10-6A (Algo) Part 2 . Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $477,000. Amounts to be deducted should be indicated by a minus sign.)