RVR Enterprises shows net income of $100,000 for 2019 and retained earnings of $500,000 on its December

Question:

RVR Enterprises shows net income of $100,000 for 2019 and retained earnings of $500,000 on its December 31, 2019 balance sheet. During the year, RVR declared and paid $60,000 in dividends. What was RVR's retained earnings balance at December 31, 2018?
a. $400,000
b. $440,000
c. $460,000
d. $540,000

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