P/S (5,000 shares, cumulative, 6%, $100par)$500,000

APIC-P/S25,000

C/S (authorized 100,000 shares, issued70,000)3,000,000

R/E550,000

In 2019:On May 1, X Co bought back 1,000 common shares at $21 per share.On October 1, X Co issued 10,000 shares of common at $25 per share.On December 15, X declared and paid the preferred dividend. It also declared the common dividend of $.25 per share payable January 15. Net income was $200,000.

How much is Retained Earningson the 12/31/19 Balance Sheet?

a.$156,250

b.$157,750

c.$157,500

d.$707,500

e.$707,750

f.$706,250