$120,000 X $130,000 X $150,000. X $180,000. X

On June 1, 2003, Polk Company acquired 100% of the stock of Sully Company. On this date, Polk has Retained Earnings of $100,000 and Sully has Retained Earnings of $50,000. On December 31, 2003, Polk has Retained Earnings of $120,000 and Sully Company has Retained Earnings of $60,000. The amount of Retained Earnings that should appear in the December 31, 2003 consolidated balance sheet is: $120,000. $130,000 x