In Q1 2018, CNA Companies reports the following transactions:

• Capital expenditures of $15 million
• Loss on sale of equipment of $6 million
• Debt principal repayment of $8 million
• Preferred dividend of $2 million
• Common dividend of $3 million
• Share buyback of $4 million

Ignoring the effect of taxes, what is the impact of these transactions on retained earnings?

A. ($9 million)

B. ($11 million)

C. ($16 million)

D. ($38 million)