Mayfair Corporation has outstanong 89,000 shares of $1 par value common stock as well as 18,000 shares of a of, $100 par value curuative preferred stock, Ar nhe begining of the year, the balance in retained eamings was $700,000 and one years dwidends wete in arreas. Net income for the current year is 5480,000 . Compue the balance h retained earnings at the end of the year it Margaif Colporbtion poys a dividend or 528 per share on ths common stock this yeat