A company has a balance on share premium account of $50,000 and on retained earnings of $75,000. Issued share capital is 400,000 25c shares. The company decides to make a bonus issue of 1 for 1. What are the closing balances on share premium and retained earnings? A. Share premium $25,000, Retained earnings Nil B. Share premium $10,000, Retained earnings $15,000 C. Share premium Nil , Retained earnings $25,000 D. Share premium Nil, Retained earnings $(275,000)