FCU Inc. reported the following balances at December 31, 2020:

share capitalordinary $500,000

share premiumordinary $100,000

retained earnings $250,000

During 2021, the following transactions affected equity.

1. Issued preference shares with a par value of $150,000 for $220,000.

2. Purchased treasury shares (ordinary) for $30,000.

3. Earned net income of $140,000.

4. Declared and paid cash dividends of $75,000.

On the December 31, the balance of equity is

a. 1,135,000

b. 1,065,000

c. 1,165,000

d. 1,105,000