As of December 31, 2013, Warner Corporation reported the following:

Dividends payable 32,000

Treasury stock 570,000

Paid-in capital share repurchase 32,000

Other paid-in capital accounts 5,200,000

Retained earnings 4,200,000

During 2014, half of the treasury stock was resold for $250,000; net income was $570,000; cash dividends declared were $1,380,000; and stock dividends declared were $620,000.

What was shareholders' equity as of December 31, 2013?

a- $8,830,000. b- $8,862,000. c- $8,894,000. d- $9,432,000.