Listen Find below some of the account balances for Backus Company for the year ended December 31, 2020:
Inventory: $220,000
Accounts payable: $120,000
Notes payable due September: $200,000
Accounts Receivable: $140,000
Prepaid Expenses: $20,000
Cash: $370,000
Retained Earnings on January 1: $600,000
Common shares: $170,000
Salaries and Wages Expense 2020: $40,000
Dividends declared: $80,000
Interest Income: $10,000
Equipment: $430,000
Interest expense: $5,000
Bonds payable: $130,000
Sales Revenue: $200,000
Cost of goods sold: $50,000
Land: $140,000
Accumulated Depreciation: $30,000
Notes Receivable due on December 31, 2021: $30,000
Income tax expense: $50,000
Deferred Revenue: $20,000
Income tax payable: $0
What is the amount of Retained earnings on December 31, 2020?