P company acquires 90% of the outstanding common stock of S company for $200,000 on 1/1/2021. In 2021, P company earns net income of $60,000 and declares dividend of $20,000. S company earns net income of $20,000 and declares dividend of $10,000 in 2021. P company uses the cost method to record its investment. P companys retained earnings balance on 1/1/2021 is $50,000. Calculate the consolidated retained earnings on 12/31/2021.

$99,000

$108,000

$100,000

$128,000