The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31.

Common Stock $5 par, 60,000 shares issued	$320,000
Paid-In Capital in Excess of ParCommon Stock	630,000
Preferred Stock $100 par, 5,000 shares issued	570,000
Paid-In Capital in Excess of ParPreferred	190,000
Retained Earnings	270,000
Treasury Stock (cost $10 per share)	100,000

If net income for the year was $75,000 and a preferred stock dividend of $40,000 was paid, what was the beginning value of retained earnings?