Required information Problem 10-4A Analyze the stockholders' equity section (LO10-7) [The following information applies to the questions displayed below.] The stockholders' equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) ($ and shares in thousands) Stockholders' equity: Preferred stock, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock, 11,000 common shares Total stockholders' equity $ 6,000 30,000 1,164,000 1,200,000 288,000 (352,000) $1,136,000 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. Problem 10-4A Part 4 4. If retained earnings at the beginning of the period was $250 million and $30 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).) Answer is complete but not entirely correct. Net income $ 680,000,000 million