Laulima LLP recorded financial transactions, based on the accrual basis of accounting, for the month of July Year 1, their second month of operations, as follows: On July 1, the LLP showed Cash of $10, Accounts Payable of $20, Common Stock of $30 and Retained Earnings of $40. On July 8, the LLP issued common stock in exchange for $50 cash from a stockholder. On July 11, the LLP borrowed $60 from a creditor and executed a note payable with the principal and interest to be due in one year. On July 11, the LLP purchased $70 of equipment for cash. On July 13, the LLP rendered service to a client and received $80 in cash. On July 15, the LLP incurred a repair expense of $90 and promised to pay the repair contractor the following month. On July 28, the LLP rendered service to a new client in the amount of $100 on account, as the client promised to pay the following month. On July 31, the LLP declared and distributed cash dividends of $110. LLP's Retained Earnings on July 31, Year 1 is: A. $90 B. $0 C. $130 D. $20