Alpha Co.'s 2020 income statement showed net income of $1,340,000 and the 2020 Statement of Stockholders' equity showed that the Company declared dividends of $340,000, and issued common stock for $1,050,000. The Company also purchased 11,000 treasury shares at $7/share during 2020. Alpha Co. had retained earnings of $7,500,000 on January 1, 2020. What was Alpha Co.'s balance of retained earnings on December 31, 2020?