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Electronics World Inc. paid out $26.4 million in total common dividends and reported $321.9 million of...

Electronics World Inc. paid out $26.4 million in total common dividends and reported $321.9 million of retained earnings at year-end. The prior year's retained earnings were $260.7 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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Answer #1

Ending retained earnings=Beginning retained earnings+Net income-Dividends

321.9=260.7+Net income-26.4

Net income=321.9+26.4-260.7 million

=$87,600,000.

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