The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common Stock-$5 par, 60,000 shares issued Paid-In Capital in Excess of Par-Common Stock Preferred Stock - $100 par, 5,000 shares issued Paid-In Capital in Excess of Par-Preferred Retained Earnings Treasury Stock (cost-$10 per share) $320,000 670,000 530,000 100,000 220,000 120,000 If net income for the year was $135,000 and a preferred stock dividend of $30,000 was paid, what was the beginning value of retained earnings?