June Ltd commenced business with $2000 and purchased 10 phones at $200 each. At the end of the first year, June Ltd sold 8 of the phones for $300 each, receiving $2400 in cash. However, due to advancing technologies, the replacement cost of the phones was only $150 each by the end of the year. The rate of inflation was 5% during the year. June Ltd has no other income or expenses. June Ltd uses historical cost measurement. What is the maximum dividend that could be paid at the end of the year and still maintain nominal financial capital? Group of answer choices $700 $1200 $1100 $800