Coral Cleaners Ltd reported the following information in the shareholders' equity section of its 30 June 2013, statement of financial position.

7% cumulative, non-participating preferred share (500 shares) $50 000

Ordinary share, 100 000 shares $625 000

Retained earnings $825 000

If Coral Cleaners Ltd repurchased 500 ordinary shares for $20 per share, what is the amount of total shareholders' equity after this transaction?

A. $1 500 000

B. $1 490 000

C. $1 510 000

D. $1 494 000