At the close of the financial year, a company gives the following financial details: retained earnings at the beginning of the year $50000; profit earned during the year $120000; ordinary dividends paid in the year $70000; ordinary dividends proposed for payment in the following financial year $30000; transfer to general reserve $20000. What amount of retained earnings is shown at the end of the financial year?
- A$50000
- B$70000
- C$80000
- D$100000