Statement of Retained Earnings Use the following information to find dividends paid to common stockholders during 2008.

Balance of Retained Earnings, December 31, 2007		$22.0 m
Plus: Net Income for 2008		78.0 m
Less: Cash Dividends Paid
Preferred Stock	$6.8 m
Common Stock	? m
Total Cash Dividends Paid		? m
Balance of Retained Earnings, December 31, 2008		$10.3 m

$38.9 million

$88.3 million

$45.7 million

$106.8 million