On January 1, 20A, Two Individuals Invested $150,000 Each to Form

On January 1, 20A, two individuals invested $150,000 each to form Hornbeck Corporation. Hornbeck had total revenues of $15,000 during 20A and $40,000 during 20B. Total expenses for the same periods were $8,000 and $22,000, respectively. Cash dividends paid out to shareholders totalled $6,000 in 20A and $12,000 in 20B. What was the ending balance in Hornbeck's retained earnings account at the end of 20A and 20B?

A) $1,000 and $6,000 respectively.
B) $1,000 and $7,000, respectively.
C) $301,000 and $306,000 respectively.
D) $7,000 and $19,000 respectively.