In its recent income statement, Smith Software Inc. reported paying $15 million in dividends to common shareholders, and in its year-end balance sheet, Smith reported $333 million of retained earnings. The previous year, its balance showed $317 million of retained earnings. What was the firm's net income during the most recent year? (Answers are in $millions.) 1) $16.00 2) $31.00 3) $15.00 4) $13.00 5) $38.00