Parent Co. purchases 80 percent of Son Company on January 1, 20X1, when Parents retained earnings balance is $550,000 and Sons is $200,000. During 20X1, Son reports $20,000 of net income and declares $6,000 of dividends. Parent reports $125,000 of separate operating earnings plus $16,000 of equity-method income from its 80 percent interest in Son; Parent declares dividends of $40,000. Based on the preceding information, what is Consolidated retained earnings balance on December 31, 20X1?

Group of answer choices

$635,000

$550,000

$544,000

$651,000