Analog Technology reported $2.4 million of retained earnings on its 2002 balance sheet. In 2003, the company lost money-its net income was -$500,000 (negative $500,000). Despite the loss, the company still paid a $1.5 per share dividend. The companys earnings per share for 2003 were -$2.50 (negative $2.50). What was the level of retained earnings on the companys 2003 balance sheet?

A. 1,600,000 B. 1,700,000 C. 1,800,000 D. 1,500,000 E. 1,400,000