At the Beginning of 2015, Flaherty Company Had Retained Earnings

Multiple Choice

At the beginning of 2015, Flaherty Company had retained earnings of $350,000. During the year Flaherty reported net income of $100,000, sold treasury stock at a "gain" of $36,000, declared a cash dividend of $60,000, and declared and issued a small stock dividend of 3,000 shares ($10 par value) when the fair value of the stock was $20 per share. The amount of retained earnings available for dividends at the end of 2015 was

A) $330,000.
B) $360,000.
C) $366,000.
D) $396,000.