Answer Happy

al Exam 1 Introduction : Final Exam 1 ? Income Statement for year Ending December 31, 2019 (amounts in millions) Sales Less: Cost of Goods Sold Gross Margin Less: Operating Expenses Operating Income Less: Interest Expenses Income Before Taxes Less: Tax Expense Net Income $340.0 175.0 $165.0 75.0 $90.0 12.0 $7810 15.6 $62.4 Charhote began 2019 with $70 million in retained earnings. In 2019, they paid out a special dividend totaling $90 million. What is the retained earnings balance as of December 31, 2019? -$20 million $42.4 million $97.6 million $132.4 million