At the beginning of 2021, Concord Corporation had retained earnings of $326000. During the year Concord reported net income of $75300, sold treasury stock at a gain of $26900, declared a cash dividend of $44800, and declared and issued a small stock dividend of 1540 shares ($10 par value) when the fair value of the stock was $29 per share. The amount of retained earnings available for dividends at the end of 2021 was:

$362660.

$311840.

$26900.

$334940.