27. The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in millions) 2021 2020 Common stock, $1 par per share $ 612 $ 600 Paid-in capitalexcess of par 348 300 Retained earnings 628 600 During 2021, Time declared and paid cash dividends of $90 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Time's net income for 2021?

A. $28 million B. $118 million C. $130 million D. $178 million