Question: I am searching for the correct answer to this general accounting problem with proper accounting rules. TechNova Inc. paid out $32.5 million in total common

I am searching for the correct answer to this general accounting problem with proper accounting rules.

TechNova Inc. paid out $32.5 million in total common dividends during the year. At year-end, the company reported $88.4 million in retained earnings. The prior year's retained earnings balance was $55.9 million. Assume that all declared dividends were paid. What was TechNova's net income for the year

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