Pole Manufacturing Corporation issued stock with a par value of $67,000 and a market value of $502,000 to acquire 95 percent of Spencer Corporation's common stock on August 30, 20X1. At that date, the fair value of the noncontrolling interest was $28,000. On January 1, 20X1, Spencer reported the following stockholders' equity balances Common Stock ($10 par value) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity $130,000 49,000 295,000 $474,000 Spencer reported net income of $65,000 in 20X1, earned uniformly throughout the year, and declared and paid dividends of $20,000 on June 30 and $29,000 on December 31, 20X1. Pole accounts for its investment in Spencer Corporation using the equity method. Pole reported retained earnings of $445,000 on January 1, 20X1, and had 20X1 income of $140,000 from its separate operations. Pole pald dividends of $88,000 on December 31, 20X1. Required: a. Compute consolidated retained earnings as of January 1, 20X1, as it would appear in comparative consolidated financial statements presented at the end of 20X1. Consolidated retained eamings