Cesar Ruiz was reviewing his company's activities at the end of the year (2022) and decided to prepare a retained earnings statement. At the beginning of the year, his assets were $530,000, liabilities were $140,000, and common stock was $120,000. The net income for the year was $250,000. Dividends of $220,000 were paid during the year. What are the closing retained earnings? a. $300,000 b. $310,000 c. $320,000 d. $312,201