Chandler and Co Pty Ltd was set up with share capital of $500 000. In year 1 a loss of $50 000 was recorded; in year 2 a profit of $175 000; and in year 3 a profit of $350 000. Also in year 3 a dividend of 5% of paid up capital was paid to shareholders and $20 000 was transferred from retained earnings to a general reserve. What was the retained earnings balance of Chandler and Co Pty Ltd at the end of year 3?