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Thelma and Louie, Inc., started the year with a balance of retained earnings of $547 million and ended the year with retained earnings of $594 million. The company paid dividends of $37 million to the preferred stockholders and $77 million to common stockholders.
Calculate Thelma and Louie's net income for the year.
Verified Expert
The company's net income needs to be calculated. The opening and closing balance of retained earnings is there along with cash dividends.
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