32. Refer to Bellingham Incorporated's December 31, 2019 Balance Sheet shown below. Bellingham Incorporated Balance Sheet as of December 31, 2019 Assets Current Assets Cash Inventory Accounts Receivables Total Current Assets $180,000 80,000 40.000 $250,000 Liabilities Current Uttes Accounts Payable $80,000 Notes Payable 110,000 Total Current Utilities $200,000 Non-current Ulabilities Debt 150,000 Owner's Equity Common Stock 220,000 Retained Earnings 80,000 Total Liabilities and Owner's Equity 5650.000 Non current Assets Plant and Equipment (Net) Patents (Net) Total Assets 350,000 50.000 $650.000 Bellingham began 2019 with $240,000 in owner's equity. During the year they issued $30,000 in new common stock and paid $10,000 in dividends. If their net income for 2019 was $40,000, what was their retained earnings balance on December 31, 2018? O $30,000 $50,000 O $60,000 O $70,000