Thelma and louie inc started the year with a balance of, Ask an Expert

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Thelma and Louie, Inc., started the year with a balance of retained earnings of $543 million and ended the year with retained earnings of $586 million. The company paid dividends of $33 million to the preferred stockholders and $73 million to common stockholders. Calculate Thelma and Louie's net income for the year.

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