The company has net income for the year of $$180,000.$ The balance in Retained Earnings at the beginning of the year is $$130,000.$ The company declared dividends of $$60,000$ during the year. What is the ending balance in Retained Earnings?

Hint: you may find it helpful to use a t$-$account as you work through this question.

$$10,000$

$$310,000$

$$120,000$

$$250,000$