The firm earned net income of 72 million in 2008 and paid, Financial Management

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The firm earned net income of 72 million in 2008 and paid

Statement of Retained Earnings TriCycle, Corp. began the year 2008 with $27 million in retained earnings.

The firm earned net income of $7.2 million in 2008 and paid $1.02 million to its preferred stockholders and $3.02 million to its common stockholders.

What is the year-end 2008 balance in retained earnings for TriCycle?

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