Refer to the information for Titanic Corporation below.
Titanic Corporation's net income for the year ended December 31, 2019, is $380,000. On June 30, 2019, a $0.75 per-share cash dividend was declared for all common stockholders. Common stock in the amount of 38,000 shares was outstanding at the time. The market price of Titanic's stock at year end (12/31/19) is $18 per share. Titanic had a $1,100,000 credit balance in retained earnings at December 31, 2018.
Required:
Calculate the ending balance (12/31/19) of retained earnings.