Patriots Co. purchases 80 percent (for underlying BV) of Seahawk Company on January 1, 20X1, when Patriots retained earnings balance is $725,000 and Seahawks' is $200,000. During 20X1, Seahawk reports $80,000 of net income and declares $10,000 of dividends. Patriots reports $425,000 of operating income and included its share of equity-method income from its 80 percent interest in Seahawk in its net income; Patriots declares dividends of $80,000. During the year, Seahawk sold inventory to Patriots (upstream) and at the end of the year there was an unrealize gain of $50K on that inventory sale. What is total Consolidated Income for 20X1?

Group of answer choices

$455,000

$505,000

$465,000

$555,000