In January 2019, the Albany Foundation accepted an endowment of $6,500,000, the income from which is restricted to promoting research related to recovery from cancer. All gains, whether realized or unrealized are available for distribution. During 2019, the market value of endowment's investment portfolio increased to $7,020,000. Accordingly, at year-end $520,000 was credited to an unrestricted expendable fund. During 2020, the market value of the portfolio decreased to $6,610,000 and the foundation spent $45,000 on qualifying projects. Owing to these events and transactions, what should be the reported Unrestricted net asset balance at the end of 2020 (assuming a zero beginning-balance in unrestricted net assets)?

A. 65,000

B. 475,000

C. 110,000

D. 6,610,000

Please explain if you can, thank you!