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The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in

The shareholders' equity section of Time Company's comparative balance sheets for the years ended December 31, 2021 and 2020, reported the following data: ($ in millions) 2021 2020 Common stock, $1 par per share $ 626 $ 607 Paid-in capitalexcess of par 362 307 Retained earnings 642 607 During 2021, Time declared and paid cash dividends of $97 million. The company also declared and issued a small stock dividend. No other changes occurred in shares outstanding during 2021. What was Time's net income for 2021?

Multiple Choice $206 million $35 million $151 million $132 million

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