Before the Closing Entries Were Made at the End of 20X2

Multiple Choice

Before the closing entries were made at the end of 20X2, the following data were taken from the accounts of Joe Corporation: $$\begin{array} { | l | r | } \hline \text { Share capital } & \$ 70,000 \\\hline \text { Retained earnings, beginning balance January 1, 20X2 } & 100,000 \\\hline \text { Total revenue earned during 20X2 } & 300,000 \\\hline \text { Total expenses incurred during 20X2 } & 200,000 \\\hline \text { Total cash collected during 20X2 } & 40,000 \\\hline\end{array}$$ What is the amount of shareholders' equity that should appear on Joe Corporation's statement of financial position dated December 31, 20X2?

A) $300,000.
B) $270,000.
C) $230,000.
D) $110,000.