The stockholders equity of Concord Inc. at December 31, 2013, appears below: Common stock, $15 par value, 200,000 shares authorized, 135,000 shares issued and outstanding 2,025,000 Paid-in capital in excess of par value 1,750,000 Retained earnings 2,375,000 During 2014, the following transactions occurred: May 10: Declared and issued a 10% common stock dividend when market value was $40 per share December 10: Declared a cash dividend of $2.50 per share to be paid in January 2015. December 31: Recognized net income of $ 1,087,000. Compute the year-end balance of the retained earnings for 2014. What was the ending balance of retained earnings on December 31, 2014