The following information was extracted from the accounts of Essex Corporation at December 31, 2011:
CR(DR)
Total reported income since incorporation $1,700,000
Total cash dividends paid (800,000)
Unrealized holding loss (120,000)
Total share dividends distributed (200,000)
Prior period adjustment, recorded January 1, 2011 75,000
What should be the balance of retained earnings at December 31, 2011?