Herbert, Incorporated, acquired all of Rambis Companys outstanding stock on January 1, 2023, for $660,000 in cash. Annual excess amortization of $21,400 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $413,000, and Rambis reported a $230,000 balance. Herbert reported internal net income of $44,000 in 2023 and $63,100 in 2024 and declared $10,000 in dividends each year. Rambis reported net income of $29,700 in 2023 and $48,800 in 2024 and declared $5,000 in dividends each year. Required: Assume that Herberts internal net income figures do not include any income from the subsidiary. If the parent uses the equity method, what is the amount reported as consolidated retained earnings on December 31, 2024