On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $626,000 cash. At January 1, 2019, Sedonas net assets had a total carrying amount of $438,200. Equipment (eight-year remaining life) was undervalued on Sedonas financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its investment in Sedona. Each year since the acquisition, Sedona has declared a $31,000 dividend. Sedona recorded net income of $73,000 in 2019 and $92,200 in 2020. Selected account balances from the two companies individual records were as follows: Phoenix Sedona 2021 Revenues $ 650,000 $ 304,400 2021 Expenses 436,000 202,000 2021 Income from Sedona 66,200 Retained earnings 12/31/21 346,200 204,300

What is Phoenixs consolidated retained earnings balance at December 31, 2021?

$305,200

$315,200

$346,200

$214,000