During 2009, Spend-it Corporation reported net income of $200 and paid a $40 dividend. Spend-it's December 31, 2008 statement of financial position reported the following items: common stock = $220, capital surplus = $180, retained earnings = $300. What is the value of the retained earnings account for the December 31, 2009 statement of financial position?
A. $160
B. $340
C. $360
D. $460
E. $540