A company’s capital and reserves are as follows: ordinary shares of $1$ each $400\,000$, share premium account $60\,000$, revaluation reserve $120\,000$, general reserve $300\,000$, retained earnings $90\,000$. The company intends to carry out a bonus issue of one share for every four held. What is the greatest amount of distributable reserves that the company can have after the bonus issue?
- A$290\,000$
- B$300\,000$
- C$350\,000$
- D$390\,000$