MC Qu. 125 Statement of Retained Earnings TriCycle, Corp. began the year 20...

Statement of Retained Earnings TriCycle, Corp. began the year 2008 with $27 million in retained earnings. The firm earned net income of $8.7 million in 2008 and paid $1.17 million to its preferred stockholders and $3.17 million to its common stockholders. What is the year-end 2008 balance in retained earnings for TriCycle?

a) $35.7 million

b) $27 million

c) $40.04 million

d) $31.36 million