During 2016, XYZ Corporation reported net income of $260 and paid dividends of $100. XYZ's December 31, 2015 statement of financial position reported the following items: common stock = $220, capital surplus = $180, retained earnings = $400. What is the value of the retained earnings account for the December 31, 2016 statement of financial position? Select one: a. $500 b. $400 c. $160 d. $340 e. $560