Required information

On January $1,2022,$ Pride Corporation purchased $90$ percent of the outstanding voting shares of Star, Incorporated, for $\backslash (\backslash$$ $540,000\backslash )$ cash. The acquisition$-$date fair value of the noncontrolling interest was $\backslash$$$60,000.$ At January $1,2022,$ Star's net assets had a total carrying amount of $\backslash (\backslash$$ $420,000\backslash ).$ Equipment $($eight$-$year remaining life$)$ was undervalued on Star's financial records by $\backslash (\backslash$$ $80,000\backslash ).$ Any remaining excess fair value over book value was attributed to unpatented technology developed by Star $($four$-$year remaining life$),$ but not recorded on its books. Star recorded net income of $\backslash$$$70,000$ in $2022$ and $\backslash (\backslash$$ $80,000\backslash )$ in $2023.$ Each year since the acquisition, Star has declared a $\backslash (\backslash$$ $20,000\backslash )$ dividend. At January $1,2024,$ Pride's retained earnings show a $\backslash (\backslash$$ $250,000\backslash )$ balance.

Selected account balances for the two companies from their separate operations were as follows:

Assuming that Pride, in its internal records, accounts for its investment in Star using the equity method, what amount of retained earnings would Pride report on its January $1,2024,$ consolidated balance sheet? Required information

On January $1,2022,$ Pride Corporation purchased $90$ percent of the outstanding voting shares of Star, Incorporated, for $\backslash (\backslash$$ $540,000\backslash )$ cash. The acquisition$-$date fair value of the noncontrolling interest was $\backslash$$$60,000.$ At January $1,2022,$ Star's net assets had a total carrying amount of $\backslash (\backslash$$ $420,000\backslash ).$ Equipment $($eight$-$year remaining life$)$ was undervalued on Star's financial records by $\backslash (\backslash$$ $80,000\backslash ).$ Any remaining excess fair value over book value was attributed to unpatented technology developed by Star $($four$-$year remaining life$),$ but not recorded on its books. Star recorded net income of $\backslash$$$70,000$ in $2022$ and $\backslash (\backslash$$ $80,000\backslash )$ in $2023.$ Each year since the acquisition, Star has declared a $\backslash$$$20,000$ dividend. At January $1,2024,$ Pride's retained earnings show a $\backslash (\backslash$$ $250,000\backslash )$ balance.

Selected account balances for the two companies from their separate operations were as follows:

What is consolidated net income for $\backslash (2024?\backslash )$