A company has 4,000 shares of $1 par value common stock and 360 shares of 5%, $ 140 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $ 800,000. Net income for the current year was $ 480,000. If the company paid a dividend of $ 2 per share on its common stock, what is the balance in Retained Earnings at the end of the year?

A) $ 1,290,520

B) $ 789,480

C) $ 309,480

D) $ 1,269,480

E) $ 1,280,000