A Company Distributed $612,000 3rd Quarter Dividends to Its 900,000

Multiple Choice

A company distributed $612,000 3rd quarter dividends to its 900,000 common shareholders and $150,000 to its 300,000 preferred shareholders. It recorded a net income of $1,520,000 for the same quarter. The closing balance of the periods' statement of Retained Earnings was a $1,287,000. It can be concluded that the opening balance on the Statement of Retained Earnings was

A) $529,000
B) -$233,000
C) $233,000
D) -$83,000
E) $379,000