On its 2015 Balance Sheet, Sherman Books had retained earnings equal to $750 million. However, on its 2016 Balance Sheet, retained earnings had decreased to $625 million. IF the company's NOI for 2016 was -$50 million, then the company most likely

paid out dividends of $125 million in 2016.

paid out dividends of $75 million in 2016.

paid out dividends of $175 million in 2016.

could not have paid out any dividends in 2016 because it had negative earnings.