Statement of Retained Earnings Triplette, Corp. began the year 2008 with $5.04 million in retained earnings. The firm earned net income of $10.04 million in 2008 and paid $2.04 million to its preferred stockholders and $1.04 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Triplette?

A: $18.16 million

B: $8.08 million

C: $5.04 million

D: $1.92 million