Falcon Company begins 2015 with a high amount of cash, and $600,000 of retained earnings. The following events happen. Jan 1, 2015: Purchase equipment for $190,000 cash. Dec 31, 2015: Depreciation of $40,000 is recorded for the year. Jan 1, 2016: A major repair is made, the cost was $28,000. July 10, 2016: A minor repair is made, the cost was $2,000. Dec 31, 2016: Depreciation of $46,000 is recorded for the year. At the end of 2016, what is the $ amount of retained earnings