Pullman Corporation had retained earnings of 700,000 at January 1, 2020. During the year the company experienced a net loss of 300,000 and declared cash dividends of 80,000. It was discovered in 2020 that 50,000 of repair expense was debited to the land account in 2019. The income tax rate is 20%. Determine the retained earnings balance at December 31, 2020.