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At the beginning of 20X1, Talley Inc. had total assets and total liabilities of $1,000,000...

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Accounting

At the beginning of 20X1, Talley Inc. had total assets and total liabilities of $1,000,000 and $400,000, respectively. The following occurred during 20X1: Earned net income of $700,000 Received $100,000 cash from the issuance of preferred stock Purchased land costing $200,000 Declared and paid dividends totaling $50,000 Question: What should be Talley's ending stockholders' equity balance at 12/31/X1? Do not include decimals or cents in the numerical response.

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