Sandhill Company reported retained earnings at December 31, 2021, of $316,500. Sandhill had 194,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022.

1.		A cash dividend of $0.70 per share was declared and paid.
2.		A 5% stock dividend was declared and distributed when the market price per share was $17 per share.
3.		Net income was $280,000.

Compute the ending balance in retained earnings at the end of 2022.

Retained earnings

$enter the retained earnings in dollars