A company with share capital of $50,000 comprising 10,000 shares engages in a 5-for-1 share split on 1st August 20X0. After the share split, both cash dividends of $10,000 and share dividends ($2 per share) are announced on 15th September 20X0. Cash dividends are paid on 30th November. How much retained earnings is reduced from the dividends during the period from 1st August 20X0 to 15th September 20X0?

D. $0

B. $34,000

C. $10,000

A. $20,000