Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $192,000, expenses of $107,200, and the company paid $20,800 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is:

$84,800

$368,000

$64,000

$192,000

$388,800