Pacquired 80% of Son January 1, 2021. On the date of acquisition, the retained earnings of P and S was $100,000, and $50,000 respectively. The 2021 separate entity income statements of both companies are shown below for 2021, and 2022. The fiscal year end is December 31. P-2021 P-2022 S-2021 S-2022 Revenues $80,000 $75,000 $60.000 $50,000 Miscellaneous Expenses $20,000 $21,000 $20,000 $18,000 Depreciation Expense $25,000 $35,000 $15.000 $15.000 Gross Profit Before Tax $35,000 $19,000 $25.000 $17,000 Tax Expense - 40% $14.000 $7.600 $10.000 $6.800 Income $21,000 $11,400 $15.000 200 On the date of acquisition, P sold equipment to Sat a profit of $10,000 (before tax). The equipment had a remaining useful life of 10 years on that date. Calculate consolidated retained earnings at the end of 2022