Moore Co. reported a retained earnings balance of $400,000 at Dec. 31st of the previous year. In August of the current year Moore determined that insurance premiums of $60,000 for the three year period beginning Jan. 1st of the previous year and had been paid and fully expensed in that year. Moore has a 30% income tax rate. What amount should Moore report as adjusted beginning retained earnings in the current year statement of retained earnings?