On January 1, 20X1, a company acquired 100% of the common stock of a subsidiary company for $400,000. At the beginning of 20X1, the parent company's retained earnings was $100,000. In 20X1, the parent reported separate operating income of $150,000 and declared dividends of $40,000. The subsidiary reported net income of $80,000 and declared no dividends. The subsidiary's goodwill was deemed to be impaired by $10,000. Calculate the balance of consolidated retained earnings on December 31, 20X1