The stockholders equity of Innovative Fitness Products Inc. at December 31, 2013 appears below: Common stock, $8 par value, 200,000 shares authorized, 120,000 shares issued and outstanding $1,320,000 Paid in capital in excess of par value 500,000 Retained earnings 740,000 During 2014, the following transactions occurred: June 15: Declared a 10% common stock dividend when market value was $15 per share June 30: Issued the stock dividend declared on June 15. December 10: Declared a cash dividend of $1.50 per share to be paid in January 2015. December 31: Recognized net income of $ 376,000. Compute the year-end balance of the retained earnings for 2014

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