Accounts payable 268,400 Accruals 10,600 Accumulated depreciation 1,986,900 Additional paid in capital 2,017,600 Beginning of year inventory 2,658,100 Common stock ($1.60 par value) 1,060,000 Cost of goods sold 15,864,300 Current portion of Long-term debt 104,400 Gross accounts receivable 886,200 Gross fixed assets 5,789,600 Long-term debt (excluding current portion) 2,647,200 Purchases 15,258,600 Retained earnings 1,478,500 Returns and allowances 9,400 Short-term bank loan 45,600 Cash ???

1)Jades Jeans Company reported net income for 2018 of $752,000 and the company paid dividends of $0.08 per share in 2018. Given this information (along with the data provided above), compute what Jades Jeans Company reported as retained earnings on its December 31, 2017 balance sheet? (Assume that no additional shares of stock were issued between December 31, 2017 and December 31, 2018).