Use the following information to answer question(s) below.

On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below:

-What is the amount of consolidated Retained Earnings?
A)$224,000
B)$259,200
C)$304,000
D)$324,000

Question

Use the following information to answer question(s) below.

On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below:
 
-What is the amount of consolidated Retained Earnings?
A)$224,000 
B)$259,200 
C)$304,000 
D)$324,000

Quizplus · Accepted Answer

Consolidated Retained Earnings = $224,000

Use the Following Information to Answer Question(s) Below