Moorman Corporation reports the following information:
Correction of understatement of depreciation expense
in prior years, net of tax                            $ 430,000
Dividends declared, 2015                             320,000
Net income for 2015                                  1,000,000
Retained earnings, 1/1/15, as reported       2,500,000
Moorman should report retained earnings, January 1, 2015, as adjusted at