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

Multiple Choice

Melvin Company began operations on January 1, 2019, with an investment of $248,000 by each of its two stockholders, or a total of $496,000. Net income for its first year of business was $872,000. During the year, the company paid dividends of $120,000 each to its two stockholders.
How much is the company's ending Stockholders' Equity on December 31, 2019?

A) $1,112,000
B) $ 864,000
C) $ 992,000
D) $1,128,000