Pacific Hotels Inc., a large hotel chain, had Retained Earnings of $250.0 million at the beginning of 2017. The company showed these figures at December 31, 2017:

                                                          ($ 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, 2017.