Pell Company acquires 80% of Demers Company for $500,000 on January 1,2019 . Demers reported common stock of $300,000 and retalned earnIngs of $210,000 on that date. Equipment was undervalued by $30,000 and bulldings were undervalued by $40,000, each having a 10 -year remalning life. Any excess consideration transferred over falr value was attributed to goodwill with an Indefinlte life. Based on an annual review, goodwill has not been Impalred. Demers earns Income and pays dividends as follows: Assume the equity method Is applled. What is the consolidated balance of the Equity in Demers Earnings account at December 31, 2021. Multiple Choice $0. $56,000. $98,400. $97,000. $104,000