The following selected account balances relate to the stockholders' equity accounts of Patil Corp. at year-end.


20122011
Common stock, 10,500 and 10,000 shares
respectively, for 2012 and 2011$190,700$166,700
Preferred stock, 5,000 shares130,700130,700
Retained earnings312,400277,600

A small stock dividend was declared and issued in 2012. The market value of the shares was $10,700. Cash dividends were $20,600 in both 2012 and 2011. The common stock has no par or stated value.

(a)What was the amount of net income reported by Patil Corp. in 2012?


Determine the amounts of any cash inflows and outflows related to the common stock and dividend accounts in 2012.