11) Harry Inc. acquired all of the outstanding common stock of Rose Company on January 1, 2020. Annual amortization of $25,000 resulted from this transaction. On the date of the acquisition, Harry reported retained earnings of $550,000 while Rose reported a $260,000 balance for retained earnings. Harry reported net income of $105,000 in 2020 and $75,000 in 2021, and paid dividends of $20,000 each year. Rose reported net income of $28,000 in 2020 and $39,000 in 2021, and paid dividends of $11,000 each year.

Required: If the parents net income reflected use of the initial value method, what were the consolidated retained earnings on December 31, 2021?