1. The company has net income for the year of $180,000. The balance in Retained Earnings at the beginning of the year is $130,000. The company declared dividends of $60,000 during the year. What is the ending balance in Retained Earnings? Hint: you may find it helpful to use a t-account as you work through this question. O $310,000 O $120,000 O $250,000 O $10,000