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- $612 $600 348 300 628 600 Common stock, $1 par per share- Paid-in capitalexcess of par- Retained earnings- + t + + 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- 28 R Co. has outstanding 100 million shares, $1 par common stock, selling for $8 per share. After a 1 for 4 reverse stock split + + A. R would have 25 million shares, $4 par per share. B. The market price per share would be about $2.- C. Fractional shares would be issued. D. Retained earnings would be reduced