First Corporation had Retained Earnings at the end of December 31, 2018 of $900,000. During 2019, the company had net income of $340,000 and declared dividends of $40,000. The amount of Retained Earnings reported on the balance sheet as of December 31, 2019 will be:
A. $1,200,000.
B. $860,000.
C. $1,280,000.
D. $1,240,000.
Answer: A
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