The following data were reported in the shareholders equity section of the Zhang Companys comparative balance sheets for the years ended December 31 ($ in millions) 2024 2023 Common stock, $ 1 par per share $ 306 $ 300 Paid in capital excess of par 174 150 Retained earnings 314 300 During 2024, Zhang declared and paid cash dividends of $45 million The company also declared and issued a stock dividend No other changes occurred in shares outstanding during 2024 What was Zhangs net income for 2024

Question: The following data were reported in the shareholders equity section of the Zhang Companys comparative balance sheets for the years ended December 31: ($ in

The following data were reported in the shareholders’ equity section of the Zhang Company’s comparative balance sheets for the years ended December 31:

	($ in millions)
	2024	2023
Common stock, $ 1 par per share	$ 306	$ 300
Paid-in capital – excess of par	174	150
Retained earnings	314	300

During 2024, Zhang declared and paid cash dividends of $45 million. The company also declared and issued a stock dividend. No other changes occurred in shares outstanding during 2024. What was Zhang’s net income for 2024?

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