Ellsworth Corporation was organized on January The following data were reported in the shareholders' equity section of the Brandon Industries' comparative balance sheets for the years ended December 31 ($ in millions): 2018 2017

Common stock, $1 par per share $306 $300

Paid-in capitalexcess of par 174 150

Retained earnings 314 300

During 2018, Brandon declared and paid cash dividends of $45 million. The company also issued a stock dividend. No other changes occurred in shares outstanding during 2018. What was Brandon's net income for 2018?

1. $14million
2. $59 million
3. $65million
4. $89 million