C Co. reported a retained earnings balance of $370,000 on December 31, 2017. In September 2018, C determined that insurance premiums of $54,000 for the three-year period beginning January 1, 2017, had been paid and fully expensed in 2017. C has a 30% income tax rate. 

What amount should C report as adjusted beginning retained earnings in its 2018 statement of retained earnings?

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