Short Notes: There are three numerical questions, you can answer them using either mathematical formula (if possible) or financial calculator. No matter what method you use, you need to show the calculation steps (for math formula) or function buttons that you click (for calculator, like what was shown in the PPT slide 6 or slide 8 of chapter 5). Showing no steps will be discounted significantly.

Question 1 (10 points) In the year-end of 2018, Mike Foods Inc. just spent $19.5 million to pay out the dividends and it disclosed the retained earnings of $279.5 million. In the year-end of 2017 the company had retained earnings of $221.8 million. Based on the given information, what was the net income of 2018 for Mike Foods Inc.