Electronics World Inc. paid out $41.5 million in total common dividends and reported $278.4 million of retained earnings at year-end. The prior year's retained earnings were $181 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.

Intermediate Financial Management (MindTap Course List)
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ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
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Chapter6: Accounting For Financial Management
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Problem 6P: In its most recent financial statements, Del-Castillo Inc. reported 70 million of net income and 900...
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Electronics World Inc. paid out $41.5 million in total common dividends and reported $278.4 million of retained earnings at year-end. The prior year's retained earnings were $181 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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