31. XYZ Company had a year-end December 31, 20X6 retained earnings account balance in its statement of financial position of $620,000. During 20X6, XYZ Company had net income for the year of $140,000 and declared dividends of $80,000. Of the $80,000 in declared dividends, $50,000 was paid during 20X6 and the remaining $30,000 was paid in January, 20X7. XYZ Companys December 31, 20X6 cash balance was $60,000. What was XYZ Companys retained earnings account balance on January 1, 20X6?

a. $530,000.

b. $510,000.

$680,000.

$560,000.