Over the course of 2022, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $4,340,000; Cost of Goods Sold of $1,936,000; Wage Expense of $876,000; Insurance Expense of $324,000; Administrative Expense of $414,000; Utilities Expense of $192,000; and Selling Expense of $42,000. At the end of 2022, the company declared and paid dividends in the amount of $62,000. What is the ending balance in the retained earnings account at year-end?