At the beginning of the current year, Elite Corporation had 100,000 shares of $1 par common stock outstanding and had retained earnings of $3,800,000. During the year, the company earned $1,575,000, 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.