Denver Company had a fiscal year$-$end December $31,20$X$8$ retained earnings account balance in its statement of financial position of $$260,000.$ During $20$X$8,$ Denver Company had net income for the year of $$75,000$ and declared dividends of $$40,000.$ Of the $$40,000$ in declared dividends, $$30,000$ was paid during $20$X$8$ and the remaining $$10,000$ was paid in January, $20$X$9.$ Denver Company$$s December $31,20$X$8$ cash balance was $$35,000.$ What was Denver Company$$s retained earnings account balance on January $1,20$X$8?$

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