Problem:
Thelma and Louie, Inc., started the year with a balance of retained earnings of $545 million and ended the year with retained earnings of $590 million. The company paid dividends of $35 million to the preferred stockholders and $75 million to common stockholders.
Required:
Question: Calculate Thelma and Louie's net income for the year.
Note: Be sure to show how you arrived at your answer.