17. Riverdale Inc. had $2,500,000 in retained earnings on 1/1/21. During fiscal year 2021, net income of $500,000 was earned, and cash dividends of $50,000 were declared and paid as well as stock dividends of $10,000. They also purchased equipment totaling | $150,000 and issued common stock totaling $500,000. Calculate the ending retained earnings balance as of 12/31/21. Show your work