The Following Information Was Extracted from the Accounts of Tomato

The following information was extracted from the accounts of Tomato Corporation at December 31, 2020: $\begin{array}{llcc}& \underline{ \text { CR (DR) }}\ \\ \text { Total reported income since incorporation................... } &\$1,540,000\\ \text {Total cash dividends paid ............................................ } &(550,000) \\ \text { Cumulative effect of changes in accounting principle............. } &(154,000) \\ \text {Total stock dividends distributed ......................................... } &(330,000) \\ \text {Correction of an error, recorded January 1, 2020 ............... } &84,700\\\end{array}$
What should be the balance of retained earnings at December 31, 2020?

A) $465,300
B) $550,000
C) $590,700
D) $506,000