$6.$ Problem $3\mathrm{.}10($Statement of Stockholders Equity$)$

eBook Problem Walk$-$Through

Electronics World Inc. paid out $$35$ million in total common dividends and reported $$106\mathrm{.}8$ million of retained earnings at year$-$end. The prior year's retained earnings were $$82\mathrm{.}2$ million. What was the net income? Assume that all dividends declared were actually paid. Write out your answer completely. For example, $25$ million should be entered as $25,000,000.$ Round your answer to the nearest dollar, if necessary.

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