Miter Corporation Had a Credit Balance of $5,450,000 in Its

Multiple Choice

Miter Corporation had a credit balance of $5,450,000 in its retained earnings account as of January 1, 20X4. During the year, Miter declared $250,000 in dividends, reported net earnings of $560,000 and comprehensive income of $750,000. The December 31 balance of retained earnings is:

A) $6,450,000
B) $6,200,000
C) $5,950,000
D) $5,760,000