On 12/31/2020, Heaton Industries Inc. reported retained earnings of $225,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020?

a. $502,432

b. $502,568

c. $502,364

d. $502,297

e. $502,500