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Thelma and Louie, Inc. started the year with a balance of retained earnings of $558 million and ended the year with retained earnings of $616
Thelma and Louie, Inc. started the year with a balance of retained earnings of $558 million and ended the year with retained earnings of $616 million. The company paid dividends of $48 million to the preferred stockholders and $88 million to common stockholders.
Calculate Thelma and Louie's net income for the year.(Enter your answer in millions of dollars.)
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