Business, 02.08.2019 22:20 ronaldo22

Phips co. purchases 100 percent of sips company on january 1, 20x2, when phips' retained earnings balance is $320,000 and sips' is $120,000. during 20x2, sips reports $20,000 of net income and declares $8,000 of dividends. phips reports $125,000 of separate operating earnings plus $20,000 of equity-method income from its 100 percent interest in sips; phips declares dividends of $35,000. based on the preceding information, what is phips' post-closing retained earnings balance on december 31, 20x2?

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Phips co. purchases 100 percent of sips company on january 1, 20x2, when phips' retained earnings ba...