Statement of Retained Earnings Night Scapes, Corp. began the year 2008 with $14 million in retained earnings. The firm suffered a net loss of $2.4 million in 2008 and yet paid $2.04 million to its preferred stockholders and $1.04 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Night Scapes?

$13.32 million

$19.48 million

$11.6 million

$8.52 million