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	$	5,700
Common stock, $1 par value		27,000
Additional paid-in capital		964,200
Total paid-in capital		996,900
Retained earnings		285,000
Treasury stock, 11,000 common shares		(319,000)
Total stockholders' equity	$	962,900

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

If retained earnings at the beginning of the period was $247 million and $27 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

million