7. 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 Recewables Total Current Assets $130,000 80.000 40.000 $250.000 Liabilities Current abilities Accounts Payable $90,000 Notes Payable 110,000 Total Current Liabilities $200,000 Non-current abilities Debt 150,000 Owner's Equity Common Stock 220,000 Retained Earnings 80,000 Total abilities and Owner's Equity $650,000 Non-current Assets Plant and Equipment (Net) Patents (Net Total Assets 350,000 50,000 S650.000 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? $30,000 $50,000 $60,000 $70,000