Pacific Hotels Inc. had Retained Earnings of $250.0 million at the beginning of 2020. The company showed these figures at December 31, 2020:

 .......................................................................................................................... ($ millions)
Net income .............................................................................................................. $75.0
Cash dividends—Preferred ....................................................................................... 1.5
Common .................................................................................................................... 44.5
Debit to retained earnings due to repurchase of preferred shares ..................... 4.0

Required

Prepare the statement of retained earnings for Pacific Hotels Inc. for the year ended December 31, 2020.