Conceptualizing Consolidated Amounts For 2005, a parent and subsidiary reported the following amounts from their own separate operations:

Parent=

Subsidiary Net income . $200,000 $50,000 Dividends declared . 140,000 30,000'=

= Excludes earnings and dividends relating to subsidiary.

Of this amount, $20,000 was paid in 2005 and $10,000 was paid on 1/2/06.

1 What is the consolidated net income for 2005?

2 What amount is reported as dividends in the 2005 consolidated statement of retained earnings?