ChocOCake Ltd. is a well-known confectionery business. They decided to diversify into the savouries segment. Consequently, they widened their product offering and tried to capture new, virgin geographies to increase revenues. In the last fiscal year (2021-22), they reported a net income of $150,000. They also paid dividends of $40,000.

Question: Finally, they had a closing balance of retained earnings as $130,000. What would be the opening balance of retained earnings?