Problem 2-13 Statement of Retained Earnings (LG2-1)

Mr. Huskers Tuxedos Corp. began the year 2018 with $270 million in retained earnings. The firm earned net income of $40 million in 2018 and paid dividends of $7 million to its preferred stockholders and $10 million to its common stockholders.

What is the year-end 2018 balance in retained earnings for Mr. Huskers Tuxedos? (Enter your answer in millions of dollars.)