Exercise 230 (Part Level Submision) The stockholders' equity section of Patrick Corporation's balance sheet at December 31 is presented here: PATRICK CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $600,000 Common stock, no par, 750,000 shares authorized, 600,000 shares issued 6,000,000 Total paid-in capital 6,600,000 Retained earnings 1,358,000 Total paid-in capital and retained earniings 7,958,000 Less: Treasury stock (4,000 common shares) (32,000 ) Total stockholders' equity $7,926,000 From a review of the stockholders' equity section, answer the following questions. If dividends of $60,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

Balance for Retained Earnings $