On December 31, 2018 X Co. has the following S/E section:

P/S (5,000 shares, cumulative, 6%, $100 par) $500,000

APIC-P/S 25,000 C/S (authorized 100,000 shares, issued 70,000) 3,000,000 R/E 550,000

In 2019: On May 1, X Co bought back 1,000 common shares at $21 per share. On October 1, X Co issued 10,000 shares of common at $25 per share. On December 15, X declared and paid the preferred dividend. It also declared the common dividend of $.25 per share payable January 15. Net income was $200,000. How much is Retained Earnings on the 12/31/19 Balance Sheet?