Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2021, Clothing Emporium had the following transactions relating to stockholders' equity:Issued 30,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.Reported a net income of $100,000.Paid dividends of $50,000.What is the ending balance in the Retained Earnings account at the end of 2021?
A. $370,000.
B. $420,000.
C. $100,000.
D. $50,000.
Answer: D
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