Statement of Retained Earnings Night Scapes, Corp. began the year 2008 with $25 million

Statement of Retained Earnings
Night Scapes, Corp. began the year 2008 with $25 million in retained earnings. The firm suffered a net loss of $3 million in 2008 and yet paid $2.1 million to its preferred stockholders and $1.1 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Night Scapes?

$18.8 million $24.8 million $31.2 million $22 million

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