Closing Balance of Retained Earnings

The Statement of Changes in Equity is an essential component of a company's financial statements, as it illustrates how equity components evolve over a period. This statement highlights movements in elements such as share capital, retained earnings, and other reserves. During the current year, Company ABC reported the following movements:

• Beginning retained earnings: $200,000
• Net income for the year: $50,000
• Dividends declared: $10,000
• New shares issued: $20,000

What is the closing balance of retained earnings for Company ABC at the end of the year?