On January 1, 2020, Wildhorse Corporation had retained earnings of $540,000. During the year, Wildhorse had the following selected transactions. 1. Declared cash dividends $120,000. 2. Corrected overstatement of 2019 net income because of inventory error $40,000. 3. Earned net income $345,000. 4. Declared stock dividends $60,000. Determine the retained earnings balance at the end of the year. Retained earnings $______