Use the following information to answer problems 3-10 to 3-12 (Algo) (LO 3-3a) On January 1: 2022. Palmcroft Company acquired 100 percent of the outstanding voting shares of Sait River, Incorporated. for $624,000 cash. At January 1, 2022. Salt River's net assets had a total carrying amount of $436,800. Equipment (eightyear remaining life) was undervalued on Sait River's financial records by $116.000. Any remaining excess fair over book value was attributed to a database developed by Salt River (four-year remaining life), but not recorded on its books. Paimcroft applies the equity method to account for its investment in Salt River. Each year since the acquisition, Salt River has declared a $13,000 dividend. Salt River recorded net income of $102,000 in 2022 and $118,200 in 2023. Selected account baiances from the two companies' individual records were as follows: Problem 3-11 (Algo) (LO 3-3o) What is Palmcroff's consolidated retained eamings balance at Detcember 31, 2024? Use the following information to answer problems 3-10 to 3-12 (Algo) (LO 3-3a) On January 1: 2022. Palmcroft Company acquired 100 percent of the outstanding voting shares of Sait River, Incorporated. for $624,000 cash. At January 1, 2022. Salt River's net assets had a total carrying amount of $436,800. Equipment (eightyear remaining life) was undervalued on Sait River's financial records by $116.000. Any remaining excess fair over book value was attributed to a database developed by Salt River (four-year remaining life), but not recorded on its books. Paimcroft applies the equity method to account for its investment in Salt River. Each year since the acquisition, Salt River has declared a $13,000 dividend. Salt River recorded net income of $102,000 in 2022 and $118,200 in 2023. Selected account baiances from the two companies' individual records were as follows: Problem 3-11 (Algo) (LO 3-3o) What is Palmcroff's consolidated retained eamings balance at Detcember 31, 2024