When the 2021 year began, Senatobia Furnitures shareholders equity included the following: ($ in millions) 6 million shares of $1 par common stock $ 6 Paid-in capital excess of par 114 1 million shares of $100 par, 9% cumulative, non-participating preferred stock 100 Retained earnings $ 140 The company earned $48 million during 2021. At the end of the year, the board of directors declared and paid the contracted amount of preferred dividends as well as $3 per share to common shareholders. No dividends had been declared or paid during 2020. On January 5, the company distributed a 3 for 2 common stock split effected in the form of a stock dividend. What is the balance in retained earnings to be reported on the 2021 balance sheet?

Multiple Choice $188 million $160 million $143 million $152 million