The equity portion of a company's balance sheet for end of 2015 and 2016 is shown below:

2015 2016

Common Stock (0.50 par) $4,500,000 $4,800,000

Capital Surplus $8,600,000 $11,300,000

Retained Earnings $1,967,500 $3,192,000

If the company's net income for 2016 was $4,277,200, how much was the dividend paid out to stockholders in 2016?

	A.	$2,746,700
	B.	$3,303,700
	C.	$4,277,200
	D.	$3,052,700