At the start of the current year, a corporation's retained earnings account had a credit balance of

$280,000

. During the year, the corporation had a net loss of

$60,000

and paid dividends to the stockholders of

$40,000

. It also borrowed

$8,000

by issuing a note. At December 31 , the balance in retained earnings is\

$240,000

credit.\

$180,000

credit.\

$220,000

debit.\

$320,000

credit.\

$280,000

debit.

At the start of the current year, a corporation's retained earnings account had a credit balance of $280,000. During the year, the corporation had a net loss of $60,000 and paid dividends to the stockholders of $40,000. It also borrowed $8,000 by issuing a note. At December 31 , the balance in retained earnings is $240,000 credit. $180,000 credit. $220,000 debit. $320,000 credit. $280,000 debit