The following information was extracted from the accounts of Essex Corporation at December 31, 2020:

CR(DR)

Total reported income since incorporation $4,800,000

Total cash dividends declared (2,625,000)

Unrealized holding loss on available-for-sale debt securities (360,000)

Total stock dividends distributed (600,000)

Prior period adjustment, recorded January 1, 2020 225,000

What should be the balance of retained earnings at December 31, 2020? $__________