On Its 2003 Balance Sheet, Ward Fencing Had Retained Earnings

On its 2003 balance sheet, Ward Fencing had retained earnings equal to $510 million. On its 2004 balance sheet, retained earnings were also equal to $510 million. Which of the following statements is most correct?

A) The company must have had net income equal to zero in 2004.
B) The company did not pay dividends in 2004.
C) If the company's net income in 2004 was $200 million, dividends paid must have also equaled $200 million.
D) If the company lost money in 2004, they must have paid dividends.
E) None of the statements above is correct.