Statement of Retained Earnings Night Scapes, Corp. began the year 2008 with $26 million in retained earnings. The firm suffered a net loss of $3.6 million in 2008 and yet paid $2.16 million to its preferred stockholders and $1.16 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Night Scapes?

A) $19.08 million

B) $32.92 million

C) $26.28 million

D) $22.4 million