Jamaican Ice Cream Corporation started the year with a balance of retained earnings of $100 million. The company reported net income for the year of $45 million, paid dividends of $2 million to the preferred stockholders and $15 million to common stockholders. What is Jamaican Ice Cream's end of year balance in retained earnings?

Multiple Choice

$162 million

$38 million

$128 million

$55 million