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Corporation A reported retained earnings of $ 8 2 4 0 0 0 0 at December 3 1 , 2 0 2 3 . In

Corporation A reported retained earnings of $8240000 at December 31,2023. In 2024, the company earned $3 million of profit and declared and paid a $416000 cash dividend. On March 7,2024, Corporation A found an error made in 2023 when it purchased land: the $416000 cost of the land was debited to Legal Expense in error. Corporation A's income tax rate is 30%. How much should Corporation A report on the statement of retained earnings as the adjusted retained earnings balance, January 1,2024?

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