30. Tantramar Corporation has the following shareholders equity on July 31, 2020:

Shareholders' Equity Share Capital $ 10 Preferred Shares, cumulative 10,000 shares authorized, 5,000 shares issued $ 2,000,000 Common Shares, 600,000 shares authorized, 10,000 shares issued 300,000 Total Share Capital 2,300,000 Retained Earnings 500,000 Total Shareholders Equity $ 2,800,000

Assume that during the following fiscal year the company had a profit of $ 65,000 and declared and paid cash dividends of $15,000. The ending balance of retained earnings on July 31, 2021 would be:

a) $500,000

b) $565,000

c) $550,000

d) cannot be determined from the information provided.