I am stuck on how to calculate ending retained earnings. Here's the specific question:

For the year 2021, Fluffer Inc.s beginning retained earnings were $1,200,000. During 2021 Fluffer earned $45,000 of net income and paid a cash dividend of $1 per share of common stock. The number of outstanding shares of common stock for the company was 10,000. What is the companys ending retained earnings balance?