On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $694,000 cash. At January 1, 2019, Sedonas net assets had a total carrying amount of $485,800. Equipment (eight-year remaining life) was undervalued on Sedonas financial records by $102,000. 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 $25,000 dividend. Sedona recorded net income of $84,500 in 2019 and $99,100 in 2020.

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

	Phoenix			Sedona
2021 Revenues	$	636,000		$	372,200
2021 Expenses		405,000			277,000
2021 Income from Sedona		55,900
Retained earnings 12/31/21		337,700			208,100

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