Telfer Corporation was authorized to issue 10,000 shares of $5 cumulative preferred shares and 400,000 common shares. The company issued 1,000 preferred shares at $100 per share. It issued 100,000 common shares for a total of $370,000. The company's Retained Earnings balance at the beginning of 2011 was $40,000, and net income for the year was $90,000. During 2011, Telfer Corporation declared the specified dividend on preferred shares and a $0.60 per share dividend on common shares. Preferred dividends for 2010 were in arrears. Dividends were paid in January 2012. The balance of Retained Earnings at the end of 2011 is $55,000 $60,000 $72,000 $83,000 None of the above