For the year ending 31 December 2018, the business earned a profit of $31000$. A dividend of $8\%$ was distributed on the $200000$ ordinary shares of $0.50$ each, and a further $12000$ was moved into general reserve. On 31 December 2018, the retained earnings of the business were $68000$. What was the retained earnings balance on 1 January 2018?
- A$41000$
- B$57000$
- C$65000$
- D$79000$