Connect Saved Help Save & Exit Check m ! Required Information {The following information applies to the questions displayed below) The stockholders' equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) is and shares in thousands) Stockholders' equity: Preferred stock, $1 par value $ 5,200 Common stock, $1 par value 22,800 Additional paid-in capital 675, 200 Total paid-in capital 702,400 Retained earnings 280,000 Treasury stock, 12,888 common shares (288,000) Total stockholders' equity $ 694,400 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. 4. If retained earnings at the beginning of the period was $242 million and $22 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in million (I.e- 5,000,000 should be entered as 5).) Not income milion