The balance sheet of KriBank starts with an allowance for loan losses of $2.66 million. During the year, KriBank writes-off worthless loans amounting to $1.68 million, and recovers $0.45 million on loans previously written-off. Calculate the end of year allowance for loan losses.

a) $1,420,000

b) $4,390,000

c) $1,430,000

d) -$1,530,000

e) $2,660,000