Bulldog Corporation's budgeted balance sheet for the coming year shows total assets of $4,000,000 and total liabilities of $1,900,000. Common stock and retained earnings make up the entire stockholders' equity section of the balance sheet. Common stock remains at its beginning balance of $1,500,000. The projected net income for the year is $350,000. The company pays no cash dividends. What is the balance of retained earnings at the beginning of the budget period?