(3.5 points) Presented below are selected account balances for C Company as of 12-31-13:

Cash $ 700,000

Retained earnings $1,500,000

Sales revenues $1,040,000

Gain on the sale of a stock investment $ 250,000

Cost of goods sold $ 683,000

Selling and administrative expenses $ 215,000

Income tax expense $ 110,000

Prepare the entry C should make to close out the temporary accounts. Do NOT use an income summary account close the temporary accounts directly into retained earnings.

What is Cs retained earnings balance AFTER making the closing entry?