ABC Company has the following items: share capital-ordinary (1,000,000 shares issued, $2 par); treasury shares, $300,000; deferred taxes, $100,000; retained earnings beginning balance, $1,300,000; net income of the year $700,000; dividends declared $200,000. What amount should Houghton Company report as total equity Select one: a. $4,000,000 b. $3,000,000 c. $3,500,000 d. $3,800,000