The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2018 and 2017 (respectively), reported the following data:

2018 2017

Common stock, $1 par per share $306 $300

Paid-in capital in excess of par, Common $174 $150

Retained Earnings $314 $300

During 2018, Time declared and paid cash dividends of $45 million. The company also declared and issued a stock dividend. No other changes occurred in shares outstanding during 2018. What was Time's net income for 2018?

A. $14 million

B. $5 million

C. $65 million

D. $89 million