Davis Inc. acquired all of the outstanding common stock of Garcia Company on January 1, 2020. On the date of the acquisition, Davis reported retained earnings of $545,000 while Garcia reported a $234,000 balance for retained earnings. Annual amortization of $28,000 resulted from this transaction. Davis reported net income of $95,000 in 2020 and $73,000 in 2021, and paid $21,000 in dividends each year. Garcia reported net income of $26,000 in 2020 and $35,000 in 2021, and paid $12,000 in dividends each year.

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