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

The following information was extracted from the accounts of Tomato Corporation at December 31, 2020: CR (DR). Total reported income since incorporation $1,540,000 Total cash dividends paid (550,000) Cumulative effect of changes in accounting principle (154,000) Total stock dividends distributed (330,000) Correction of an error, recorded January 1, 2020 84,700 What should be the balance of retained earnings at December 31, 2020? $465,300 $550,000 $590,700 $506,000