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Statement of Retained Earnings Tricycle, Corp. began the year 2008 with $29 million in retained earnings. The firm earned net income of $7.4 million in 2008 and paid $1.04 million to its preferred stockholders and $3.04 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Tricycle? Multiple Choice $32.32 million $29 million $40.48 million $36.4 million