Balsam Corporation Had 1,500,000 Shares Outstanding at the Beginning of the Year

Balsam Corporation had 1,500,000 shares outstanding at the beginning of the year, with a book value of $3,000,000. As well, its retained earnings at the start of the year was $700,000. On May 1,
The company declared a $0.75 dividend per share. On July 1, it then issued a 15% stock dividend at
A time when shares were trading at $4. Net income of $2 per share was reported at the end of the
Year. Determine the value of the company's shareholders' at the end of the year.

A) $4,925,000
B) $5,025,000
C) $5,925,000
D) $6,025,000
E) $6,925,000