3. (8 points) As of December 31, 2021, Warner Corporation reported the following: Treasury stock Paid-in capital-share repurchase Common stock and other paid-in capital accounts Retained earnings 600,000 20,000 4,000,000 3,000,000 During 2022, half of the treasury stock was resold for $240,000; net income was $600,000; cash dividends declared were $1,500,000; and stock dividends declared were $500,000. Required: What is the balance in Retained Earnings Account on December 31, 2022 (show calculations for credit)