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A company had the following information as at June 30, 2022: 8% Preference shares @ $0.50 - $100,000 Retained earnings - $45,500 Ordinary dividends paid

A company had the following information as at June 30, 2022: 8% Preference shares @ $0.50 - $100,000 Retained earnings - $45,500 Ordinary dividends paid - $12,700 10% Debenture- $300,000 o Ordinary shares @ $1.00- $350,000 Additional information: Profit after tax was $365,600 The preference dividend is yet to be paid $27,000 is to be transferred to general reserves What is the retained earnings balance at the end of the 2022 financial year? O a. $446,400 O b. $363,400 O c. $355,400 O d. $454,400

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