A company has 3,250 shares of $1 par value common stock and 300 shares of 5%, $ 110 par, noncumulative preferred stock outstanding. The balance in Retained Earnings at the beginning of the year was $ 700,000. Net income for the current year was $ 420,000. If the company paid a dividend of $ 1 per share on its common stock, what is the balance in Retained Earnings at the end of the year?