Required information [The following information applies to the questions displayed below] 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-$5 par value, 100,000 shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Net income Stockholders Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 35,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.50 per share cash dividend, date of record April 10. Declared a $0.50 per share cash dividend, date of record July 10. Declared a 20% stock dividend when the stock's market value was $14 per share. Issued the stock dividend that was declared on July 31. Declared a $0.50 per share cash dividend, date of record October 10. July 5 July 31 August 14 October 5 5. How much net income did the company earn this year? $ 150,000 110,000 320,000 $ 580,000 $ 176,000 156,800 400,000 732,800 (30,000) $ 702,800