Portland Corporation reports the following information: 1. Error identified in 2021: Correction of understatement of depreciation expense relating to 2018, net of tax: $1,376,000 2. Dividends declared in 2021: $1,024,000 3. Net income for 2021: $3,500,000 4. Retained earnings, December 31, 2020 as previously reported: $6,400,000 How much should Portland report as retained earnings at December 31, 2020? {Insert your answer in the box below. Your answer should only involve digitsumbers. Do not use a dollar sign ($) or a comma (.) in your answer (the system will give you an error message). For EPS calculations, use 2 decimal places