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Problem - On January 1, 2016, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $624,000 cash At January 1, 2016, Sedona's net assets had a total carrying amount of $436,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $116,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its investment in Sedona. Each year since the acquisition, Sedona has declared a $13,000 dividend. Sedona recorded net income of $102,000 in 2016 and $118,200 in 2017.
Selected account balances from the two companies' individual records were as follows:
Phoenix
Sedona
2018 Revenues
$639,000
$341,200
2018 Expenses
439,000
241,000
2018 Income from Sedona
67,900
Retained earnings 12/31/18
333,900
229,700
Required - What is Phoenix's consolidated retained earnings balance at December 31, 2018?
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