The following shareholders' equity accounts of ABC Corporation on January 1, 2020 were as follows: $337,265 Preferred Shares ($10, cumulative, 3,127 shares authorized, 2,017 shares issued) Common Shares (490,604 shares authorized, 204,709 shares issued) Retained Earnings $1,195,308 $582,774 The company was unable to pay the dividends on preferred shares for 2019. During 2020, the corporation had these transactions and events pertaining to its shareholders' equity: February 1: Issued 5,247 common shares for $25,301 September 1: Declared and paid the dividend in arrears on preferred shares. October 1: Declared a cash dividend (for the current year) on preferred shares, payable November 1. December 1: Declared a $0.91 per share cash dividend to common shareholders of record on December 15, payable December 31, 2020. December 1: Determined that net income for the year was $1,950,815. At December 31, the market price of the common shares was $8 per share. What is the balance in the retained earnings account at December 31, 2020