Based on the Balance Sheet of The Clothing Outlet, Inc., calculate and provide the ending balance of Retained Earnings at December 31, 2017.

The following account balances are available for The Clothing Outlet, Inc., a discount retailer, as of and for the year ended December 31, 2017, except for the retained earnings balance which is stated below as of January 1, 2017:

Cash...$5,500,000

Accounts receivable...$9,000,000

Marketable securities...$14,000,000

Prepaid insurance....$400,000

Inventory..$4,000,000

Equipment....$7,000,000

Accumulated depreciation: equipment.$3,000,000

Buildings.$20,700,000

Accumulated depreciation: buildings...$5,000,000

Land....$4,000,000

Investments (long-term)..$4,000,000

Patents (net)....$800,000

Accounts payable..$5,000,000

Income taxes payable$1,600,000

Salaries payable$1,000,000

Dividends payable.$2,000,000

Interest payable....$500,000

Notes payable (long-term)....$2,400,000

Bonds payable (long term)..$6,000,000

Common stock.$10,100,000

Retained Earnings (as of Jan. 1, 2017)...$8,400,000

Dividends declared$5,000,000

Sales.$108,000,000

Cost of goods sold$32,600,000

Interest revenue$2,500,000

Interest expense$1,500,000

Income tax expense(calculated @ 40%)

Selling expenses:

Sales salaries and commissions$6,000,000

Insurance expense...$1,600,000

Advertising expense........$3,500,000

Utilities expense..$4,000,000

Depreciation expense: equipment..$400,000

Delivery expense....$500,000

General and administrative expenses:

Executive and administrative salaries$5,800,000

Utilities expense...$4,200,000

Rental expense.$900,000

Depreciation expense: buildings.$500,000