The following shareholders' equity accounts of ABC Corporation on January 1, 2020 were as follows: Preferred Shares ($7. cumulative. 3,848 shares authorized, 2,859 shares issued) Common Shares (375,420 shares authorized, 101,342 shares issued) Retained Earnings $467,801 $918,655 $406.141 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 5,081 common shares for $19.787 September 1: Declared and paid the dividend in arrears on preferred shares. October 1: Declared a cash dividend (for the rent year) on preferred shares, payable November 1. . December 1: Declared a $0.68 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 $1.564,847. At December 31, the market price of the common shares was $3 per share. What is the balance in the retained earnings account at December 31, 2020