On Builtrite's balance sheet for the previous year, retained earnings equaled $460,000. This year Builtrite had net profits after tax of $220,000 before paying out $80,000 in dividends to its common stockholders and $60,000 to its preferred stockholders. What is the new level of retained earnings for Builtrite? $540,000 $600,000 $620,000 O $680,000