Portland Corporation reports the following information:

Correction of understatement of depreciation expense in prior years, net of tax		$1,376,000
Dividends declared		1,024,000
Net income		3,200,000
Retained earnings, January 1, 2020, as reported		6,400,000

Portland should report retained earnings at January 1, 2020, as adjusted at

$8,576,000.

$7,200,000.

$5,024,000.

$9,952,000.