Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $6,600 cash by issuing common stock. 2. Provided $2,900 of services on account. 3. Paid $1,750 cash for operating expenses. 4. Collected $2.200 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $130 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1?