Assume that as of January 1, 2011, Hamlet Consulting has total assets of $800,000 and total liabilities of $300,000. As of December 31, 2011, Hamlet has total liabilities of $350,000 and total stockholders' equity of $690,000.
(a) What was Hamlet's stockholders' equity as of December 31, 2010?
(b) Assume that Hamlet did not pay any dividends during 2011. What was the amount of net income for 2011?