The stockholders equity of Easter, Inc. at December 31, 20X8, appears below: Common stock, $25 par value, 200,000 shares authorized,135,000 shares issued and outstanding 3,375,000 Paid-in capital in excess of par value 1,950,000 Retained earnings 2,575,000 During 20X9, the following transactions occurred: May 10: Declared a 10% common stock dividend when market value was $60 per share August 31: Issued the stock dividend declared on June 15. December 10: Declared a cash dividend of $3.50 per share to be paid in January 20Y0. December 31: Recognized net income of $ 1,680,500. Compute the year-end balance of the retained earnings for 20X9?