Terry Company Began Operations on January 1, 2019, with an Investment

Multiple Choice

Terry Company began operations on January 1, 2019, with an investment of $62,000 by each of its two stockholders, or a total of $124,000. Net income for its first year of business was $218,000. During the year, the company paid dividends of $30,000 each to its two stockholders.
How much is the company's ending Stockholders' Equity on December 31, 2019?

A) $278,000
B) $216,000
C) $248,000
D) $282,000