After completing all 9 steps in the accounting cycle for the month of June, Popeye Companys June 30 Ending Balance in the Retained Earnings account was $40,000 credit. Popeyes Net Income for July was $20,000. Popeye declared and paid a $4,000 dividend in July. The July beginning balance in Popeyes Cash Account was $35,000 and the July ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on Popeyes July 31st Balance Sheet should be:

	$70,000
	$75,000
	$65,000
	$56,000
	None of the above