Power Company is preparing the closing entries at the end of its 2020 accounting period. Power Company has normal balances in the following accounts: What are the balances in the following accounts after the closing journal entries are posted? LED Instruments had retained earhings of $350,000 at December 31,2020 before it closed its fiscal year books. Net income for 2020 totaled $230,000, and dividends declared for 2020 were $60,000. How much retained earnings should LED Instruments report at December 31, 2020? $520,000 $350,000 $410,000 $580.000