Parent Company P owns 80% of the outstanding shares of Subsidiary Company S. The following information is available for both companies:

Parent Company P:

• Net Income: $500,000
• Dividends Declared: $100,000
• Tax Rate: 30%

Subsidiary Company S:

• Net Income: $200,000
• Dividends Declared: $50,000
• Tax Rate: 25%

Additional Information:

• Non-controlling interest in Subsidiary Company S is valued at $200,000.
• Any excess acquisition cost is attributed to goodwill.
• Deferred tax liability of $50,000 exists on Subsidiary Company S's net assets.

Calculate the consolidated net income and the consolidated retained earnings, considering non-controlling interest and deferred tax.