Statement of Retained EarningsTriCycle, Corp. began the year 2008 with $27 million in retained earnings. The firm earned net income of $7.7 million in 2008 and paid $1.07 million to its preferred stockholders and $3.07 million to its common stockholders. What is the year-end 2008 balance in retained earnings for TriCycle?

Multiple Choice

• $38.84 million
• $34.7 million
• $30.56 million
• $27 million