Please show all steps so I can fully understand how to solve. Thank you

The J&W Corporation's shareholders' equity as at December 31, 20x7 is as follows: Common shares, 1128 shares outstanding $40000 Preferred shares, $4.79, cumulative, 199 shares $15000 outstanding Retained Earnings $57182 The preferred share dividends were last paid on December 31, 20x4. It is now December 1, 20x8 and management wants to pay a dividend of $3.87 per common share. The company's 20x8 ending Retained Earnings balance is $75859, and there were no transactions relating to the issuance or redemption of common shares throughout the year What was the company's net income for the year 20x8?! Select one: a. 518677 b. S25902 C 523042 d. $26855 Check