A U.S. company acquired a Turkish subsidiary at the beginning of the current year. The subsidiary's trial balances for January 1 and December 31 are presented below, in Turkish lira.

	January 1 Dr (Cr)	December 31 Dr (Cr)
Cash, receivables	40,000	20,000
Plant & equipment, net	400,000	435,000
Liabilities	(175,000)	(170,000)
Capital stock	(115,000)	(115,000)
Retained earnings, January 1	(150,000)	(150,000)
Dividends		15,000
Sales revenue		(800,000)
Operating expenses	________	765,000
Total	0	0

New plant & equipment of 100,000 was acquired during the year. Operating expenses include 65,000 of depreciation on plant & equipment, of which 10,000 is related to plant & equipment purchased during the year. Exchange rates (U.S.$/) are as follows:

January 1	$0.24
Average for year	0.25
Plant & equipment acquired	0.26
Dividends declared	0.27
December 31	0.30

Assume that the subsidiary's functional currency is the U.S. dollar. What is the subsidiary's remeasured retained earnings balance at year-end?

	A.	$41,150
	B.	$44,750
	C.	$45,200
	D.	$40,700