### Calculate thelma and louie net income for the year

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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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