Statement of Retained Earnings Z, Corp. began the year 2008 with $2.3 million in retained earnings. The firm earned net income of $6.8 million in 2008 and paid $2.87 million to its common stockholders. What is the year-end 2008 balance in retained earnings for Z?

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A) $6.23 million

B) $1.63 million

C) $9.1 million

D) $11.97 million