A firm began operations on January 1, 2018. Revenues for the year ended December 31, 2018, were $506,000, and revenues for the year ended December 31, 2019, were $1,144,000. Expenses for the year ended December 31, 2018, were $250,800, and for the year ended December 31, 2019, expenses were $517,000. Dividends for 2018 were $70,400, and for 2019 dividends were $167,200. What was the balance in retained earnings at the end of each of the years?