will someone show me how to work this out?

At January 1, 2016, Troyer Industries reported Retained Earnings of $280,000. During 2016, Troyer had a net loss of $60,000 and paid dividends to the stockholders of $40,000. At December 31, 2016, the balance in Retained Earnings is a. $280,000 debit. b. $240,000 credit. c. $220,000 debit. d. $180,000 credit