On danuary 1, 2014, Punch Comoration purchased 80\% of the common stock of Soopy Co. Soparate balance sheet data for the companies at the acquisition date (after the acouletion) are given below: At the date of the acquisition, the book. values of Soopy's net assets wore equal to the fair value except for Soopy's inventory, which had a fair value of $80,000 What is the amount of Retained Esmings to be reported on the consolidated balance sheet? What is the amount of Retained Earnings to be reported on the consolidated balance sheet? A. $304,000 B. $224,000 C. $224,000 D. $324,000