Can u explain the answer in details

N0.186 A company had beginning total owners' equity of $350,000. During the year, the company raised $80,000 by issuing new shares of common stock. The net income of current year is $120,000. No dividend was declared or paid during the year. What is the amount of total owners' equity the company should report on its end-oi-year balance sheet? A. $390,000 B. $430,000 0. $470,000 D. $550,000 Answer: D