ABC Infinity is a CCPC with the following information:

Capital Dividend account balance on January 1 of the current year:$37,680

During the current year, the company had the following transactions:

Capital Gains of $9,000

Capital Dividends received of $4,000

Net Income for Tax Purposes of $88,000

Non-Eligible Dividends paid of $19,500

What is the balance in the capital dividends account at the end of the current year?

Choose the correct answer.

A. $37,680

B. $26,680

C. $114,680

D. $46,180