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In the year-end of 2018, Mike Foods Inc. just spent $19.5 million to pay out the...

In the year-end of 2018, Mike Foods Inc. just spent $19.5 million to pay out the dividends and it disclosed
the retained earnings of $279.5 million. In the year-end of 2017 the company had retained earnings of
$221.8 million. Based on the given information, what was the net income of 2018 for Mike Foods Inc.?

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Statement of Retained earning : Particulars Opening balance of Retained earnings for 2017 year-end Acc: Ne( 1.8)) Total Income available for Dsitribution (279.50+19.50) Less: Dividends distributed Closing balance of Retained earnings as at 2018 year end Miln $ 221.80 77.20 299.00 (19.50) 279.50 Net income of 2018 for Mike Foods Inc. is S 77.20 Miln

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