In its first year of operations, JakeJake Journals, Inc. recorded net income in the amount of $ 480 comma 000$480,000. JakeJake Journals also declared and paid a $ 23 comma 000$23,000 dividend at year-end on December 31. Retained earnings at December 31, year 1 were $ 457 comma 000$457,000. In the second year, JakeJake incurred a net loss of $ 120 comma 000$120,000 and paid no dividends. What is the retained earnings balance as of December 31 of Year 2