On January 1, 2020, Archer, Inc. reported the following information in the equity section of their balance sheet: Preferred shares, $1.2, cumulative, 200,000 shares authorized, 180,000 shares issued and outstanding 280000 Common shares, 2,000,000 shares authorized, 4000000 and 1,700,000 shares issued Contributed surplus from retirement of common shares 60000 Retained earnings 600000 Accumulated other comprehensive income 200000 During 2020, Archer reported net income of $120000, declared $15000 preferred dividends and $60000 common dividends. What is the balance of retained earning as of December 31, 2020? Round your interim calculations and final answer to 2 decimal places. Main Content Do not include any dollar signs, percentage % signs, commas, and/or spaces in your answer. Your answer should only include numbers. For negative numbers, use a negative sign before the number e.g. -1021.57 Do not use brackets for negative numbers and do not leave a space between the negative sign and the number. Answer: x (645000)