Ealing Corporation, a U.S. diversified power management company, reported a balance in Retained Earnings of $2,796 million at the beginning of Year 7 and $3,257 million at the end of Year 7. Based on Ealing Corporation's financial reports for fiscal Year 7, it reported dividends declared and paid of $251 million for Year 7. Compute the amount of net income for Year 7. Ealing Corporation applies U.S.
GAAP and reports its results in millions of U.S. dollars.