Parent Co. purchases 100% of Son Company on January 1, 20X1 when Parent's retained earnings balance is $520,000 and Son's is $150,000. During 20X1, Son reports $15,000 of net income and declares $6,000 of dividends. Parent reports $105,000 of separate operating earnings plus $15,000 of equity-method income from its 100 percent interest in Son; Parent declares dividends of $40,000. Based on the preceding information, what is Son's post closing retained earnings balance on December 31, 20X1?
a) $141,000
b) $150,000
c) $159,000
d) $165,000