A company has 2,000 shares of $1 par value common stock and 200 shares of 5%, $110 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $500,000. Net income for the current year was $300,000. If the company paid a dividend of $2 per share on its common stock, what is the balance in Retained Earnings at the end of the year?