Calculating Closing Retained Earnings

ABC Corporation has recently prepared its Statement of Changes in Equity for the financial year ending December 31, 2022. The statement includes items such as opening retained earnings, net income for the year, dividend distributions, and adjustments due to changes in accounting policies.

If ABC Corporation reported an opening balance of retained earnings of $500,000, a net income for the year of $120,000, and distributed dividends amounting to $30,000, what would be the closing retained earnings reported in the Statement of Changes in Equity?