The stockholders' equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $1 par value $ 4,800 Common stock, $1 par value 11,000 Additional paid-in capital 584,000 Total paid-in capital 599,800 Retained earnings 294,000 Treasury stock, 16,000 common shares (240,000) Total stockholders' equity $ 653,800 if retained earnings at the beginning of the period was $228 million and $22 million was paid in dividends during the year, what was the net income for the year