The December 31, 2012, comparative balance sheet of Smith Industries includes the following stockholders€™ equity section:

Required:
During 2012 Smith paid dividends of $0.50 per share. What was Smith€™s net income for 2012?

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2012 2011 Common stock, $2 par, 80,000 shares authorized, $120,000 $120,000 371,800 $491,800 $491,800 173,000 116,000 $664.800 $607.800 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock Retained earnings Total equity