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E14-15 Pacific Hotels Inc. had Retained Earnings of $250.0 million at the beginning of 2020. The company showed these figures at December 31, 2020: Net income ($ millions) $75.0 Cash dividends-Preferred 1.5 Common Debit to retained earnings due to repurchase of preferred shares 44.5 4.0 Required Prepare the statement of retained earnings for Pacific Hotels Inc. for the year ended December 31, 2020. 4 Preparing a statement of retained earnings Retained earnings, Dec. 31, 2020, $275.0 million