On January 1, 2016, Phillips Co. acquired 100 percent of the outstanding voting shares of Sap Inc. for $764,000 cash. At January 1, 2016, Saps net assets had a total carrying amount of $534,800. Equipment (eight-year remaining life) was undervalued on Saps financial records by $82,000. Any remaining excess fair over book value was attributed to a customer list developed by Sap (four-year remaining life), but not recorded on its books. Phillips applies the equity method to account for its investment in Saps. Each year since the acquisition, Saps has declared a $41,500 dividend. Sap recorded net income of $80,500 in 2016 and $90,500 in 2017.

Selected account balances from the two companies individual records were as follows:

	Phillips			Saps
2018 Revenues	$	559,000		$	353,600
2018 Expenses		401,000			245,000
2018 Income from Saps		78,000
Retained earnings 12/31/18		287,400			212,200

What is Phillips consolidated retained earnings balance at December 31, 2018?