Thompson Inc. began and ended the year with a Retained Earnings balance of $820,000 and $630,000, respectively. Thompson's reported Net Income during the year of $180,000. The only transaction that affected Retained Earnings was the declaration and payment of a cash dividend. Determine the amount of dividends declared and paid by Thompson, Inc. during the year.
a. $820,000
b. $370,000
c. This amount cannot be determined from the information given.
d. $630,000