Diamond Harbour Cruises Ltd operates a dolphin watching enterprise. The company reported retained earnings of $160, 000 and a general reserve of $250 000 in its statement of financial position at 30 September 2013. During the year ended 30 September 2014, the company generated profit of $60 000 and paid an interim dividend of $40 000 in March and declared a final dividend of $80 000 on 30 September 2014. The directors decided to transfer $100 000 from the general reserve account to the retained earnings account on 30 September 2014. What is the closing balance of the Retained Earnings account on 30 September 2014?

A.Cannot calculate with the information given

B.100 000

C.220 000

D.310 000