Minden Corporation was incorporated on August 1, 2015, by five shareholders who each invested $100,000 in cash in exchange for common shares. Minden’s year end is July 31. In its first year of business, Minden had net income of $119,500. For its years ended July 31, 2017 and 2018, its second and third years of operation, Minden reported net income of $212,000 and $291,000, respectively. In its first year, Minden didn’t pay any dividends, but in fiscal 2017 it paid $55,000 in dividends and in 2018 it paid $175,000 in dividends.

Required:
Calculate Minden’s retained earnings on July 31, 2018.