5 Company A acquired 100% of Company B on January 1, 2013, at book value and wants to prepare a consolidated balance sheet for the Income Statement Totals Company A ($) Company B ($) Sales 500,000 300,000 Cost of Goods Sold (150,000) (100,000) Depreciation (50,000) (20,000) Net Income 300,000 180,000 Statement of Retained Earnings Retained Earnings (Jan 1) 100,000 50,000 Net Income during 2013 300,000 180,000 Retained Earnings (Dec 31) 400,000 230,000 Balance Sheet Totals Cash 50,000 10,000 Accounts Receivable 80,000 30,000 Inventory 40,000 60,000 Investment in Company B 170,000 Land 200,000 300,000 Buildings & Equipment 630,000 300,000 Accumulated Depreciation (250,000) (200,000) Total Assets 920,000 500,000 Accounts Payable 70,000 50,000 Debt Outstanding 150,000 100,000 Common Stock 300,000 120,000 400,000 230,000 Retained Earnings What will the retained earnings and debt outstanding entries be for the combined company at the end of the year