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A corporation had a year end 2019 and 2020 retained earnings balance of $180,000 and $340,000, respectively. In 2020 the firm paid $120,000 in dividends,

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A corporation had a year end 2019 and 2020 retained earnings balance of $180,000 and $340,000, respectively. In 2020 the firm paid $120,000 in dividends, in which $50,000 are common share dividends. If the firm is subject to a 20% tax rate, how much is the Net profits before taxes in 2020? O a. $300,000 O b. $350,000 O c. $320,000 O d. $440,000 O

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