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  3. at the beginning of the current year, elite corpor

At the beginning of the current year, Elite Corporation had 280,000 shares of $1 par...

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Accounting

At the beginning of the current year, Elite Corporation had 280,000 shares of $1 par common stock outstanding and had retained earnings of $5,600,000. During the year, the company earned $1,755,000, declared a 10% stock dividend when the price of stock was $30 per share, and paid a year-end cash dividend of $4 per share. (The cash dividend was paid after the stock dividend had been distributed.) What was Elite Corporation's retained earnings at the end of the year?

A. $6,515,000.

B. $5,283,000.

C. $5,367,000.

D. $3,528,000.

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