RVR Enterprises shows net income of ($ 100,000) for 2018 and retained earnings of ($ 500,000) on

Question:

RVR Enterprises shows net income of $\$ 100,000$ for 2018 and retained earnings of $\$ 500,000$ on its December 31, 2018 . statement of financial position. During the year, RVR declared and paid $\$ 60,000$ in dividends. What was RVR's retained earnings balance at December 31, 2017?

a. $\$ 540,000$

b. $\$ 460,000$

c. $\$ 440,000$

d. $\$ 400,000$

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