Company A acquires Company B for 480,000 in cash on January 1^st. The acquisition has not differential versus book value. Company A begins this year with 600,000 in retained earnings and it has net income during the year of 220,000. Company A also pays out 30,000 in dividends. Company A follows the cost method for computing its net income.

Company B has total assets of 600,000 liabilities of 200,000 common stock of 400,000 and no retained earnings as of January 1^st. During the year Company B earns 35,000 in net income and pays no dividend.. What is the consolidated entitys retained earnings as the end of the year?