P acquired 75% shares of S on Jan 1, 2018 for $120,000. On that date P reported common stock of $200,000 and retained earnings of $100,000. On that date, S reported common stock of $100,000 and retained earnings of $60,000. The fair value of the non-controlling interest is $40,000.

What is the total of the common stock + retained earnings that will be reported in the consolidated balance sheet prepared on Jan 1, 2018?

		$460,000
		$220,000
		$300,000
		$60,000