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Cant figure out Peters share of increase in Smith's retained earnings, don't know what I'm doing wrong Exercise 10-8 On May 1, 2015, Peters Company

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Cant figure out Peters share of increase in Smith's retained earnings, don't know what I'm doing wrong

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Exercise 10-8 On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Company for $48,700. Additional data concerning these two companies for the years 2015 and 2016 are: Common stock $97,800 $24,300 $97,800 $24,300 Other contributed capital 42,500 10,900 42,500 10,900 Retained earnings, 1/1 85,300 9,400 127,300 55,800 Net income (loss) 57,700 48,300 34,800 (4,900) Cash dividends (11/30) 15,700 1,900 4,800 0 Any difference between book value and the value implied by the purchase price relates to Smith Company's land. Peters Company uses the cost method to record its investment. Your answer is partially correct. Try again. Calculate controlling interest in consolidated net income and consolidated retained earnings for 2015 and 2016. i i a!\" Controlling interest in consolidated net income 31,940] $ 30,330] Consolidated Retained Earnings 15154o| $ 162,740

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