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The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
| Stockholders Equity (January 1) | |
| Common stock$4 par value, 100,000 shares authorized, 30,000 shares issued and outstanding | $ 120,000 |
| Paid-in capital in excess of par value, common stock | 80,000 |
| Retained earnings | 340,000 |
| Total stockholders equity | $ 540,000 |
| Stockholders Equity (December 31) | |
| Common stock$4 par value, 100,000 shares authorized, 35,200 shares issued, 4,000 shares in treasury | $ 140,800 |
| Paid-in capital in excess of par value, common stock | 111,200 |
| Retained earnings ($60,000 restricted by treasury stock) | 400,000 |
| | 652,000 |
| Less cost of treasury stock | (60,000) |
| Total stockholders equity | $ 592,000 |
The following transactions and events affected its equity during the year.
| January 5 | Declared a $0.40 per share cash dividend, date of record January 10. |
| March 20 | Purchased treasury stock for cash. |
| April 5 | Declared a $0.40 per share cash dividend, date of record April 10. |
| July 5 | Declared a $0.40 per share cash dividend, date of record July 10. |
| July 31 | Declared a 20% stock dividend when the stocks market value was $10 per share. |
| August 14 | Issued the stock dividend that was declared on July 31. |
| October 5 | Declared a $0.40 per share cash dividend, date of record October 10. |
5. How much net income did the company earn this year?
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