The balance sheet of Copper Industries, a producer of copper, showed retained earnings of $26,000 million at March 31, 20x1 . At March 31, 20x2, the balance in retained earnings was $70,500 million . Copper declared dividends during the year ended March 31, 20x2, of $3,500 million. Compute Copper's net income for the year ended March 31, 20x2 (fiscal 20x1)
a. $41.000 million
b. $44.500 million
c. $48.000 million
d. $53.500 million
e. $58.000 million
C
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