Using the table below, determine the retained earnings as of December 31, 2016? TOTALS Jan. 1, 2016 Dec. 31, 2016 Current assets $ 20,000 $ 40,000 All other assets 600,000 600,000 Liabilities 100,000 120,000 Common stock 200,000 260,000 Retained earnings 320,000 ? Additional data: Total expenses for the year were $140,000; Dividends paid during the year were $32,000. OA) $220,000 B) $260,000 C) $300,000 D) $340,000