A company has 5, 750 shares of $1 par value common stock and 500 shares of 5%, $ 110 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $ 1, 075,000. Net income for the current year was $ 645,000. If the company paid a dividend of $ 1 per share on its common stock, what is the balance in Retained Earnings at the end of the year? $ 1, 711, 500 $ 1, 066, 500 $ 421, 500 $ 1, 720,000 $ 1, 728, 500