Wean Corporation's Budgeted Balance Sheet for the Coming Year Shows

Wean Corporation's budgeted balance sheet for the coming year shows total assets of $5,000,000 and total liabilities of $2,000,000.Common stock and retained earnings make up the entire stockholders' equity section of the balance sheet.Common stock remains at its beginning balance of $1,500,000.The projected net income for the year is $366,000.The company pays no cash dividends.What is the balance of retained earnings at the beginning of the budget period?

A) $1,034,000
B) $1,134,000
C) $1,866,000
D) $1,500,000