Pacific Hotels Inc., a large hotel chain, had Retained Earnings of $250.0 million at the beginning of 2014. The company showed these figures at December 31, 2014:
_____________________________________________________________($ 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, 2014.