Reference no: EM132937867
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, 35,000 shares issued and outstanding$175,000
Paid-in capital in excess of par value, common stock 135,000
Retained earnings 320,000
Total stockholders' equity$630,000
Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares
authorized, 41,200 shares issued, 4,000 shares in treasury $206,000
Paid-in capital in excess of par value, common stock 166,000
Retained earnings ($40,000 restricted by treasury stock) 420,000
792,000
Less cost of treasury stock (40,000)
Total stockholders' equity$752,000
The following transactions and events affected its equity during the year.
- Jan. 5 Declared a $0.40 per share cash dividend, date of record January 10.
- Mar. 20 Purchased treasury stock for cash.
- Apr. 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 stock's market value was $10 per share.
- Aug. 14 Issued the stock dividend that was declared on July 31.
- Oct. 5 Declared a $0.40 per share cash dividend, date of record October 10.
Problem 1: What is the net income