Company A acquired 100 percent of Company on January 1 2020 at book values and wants to prepare a consolidate balance sheet for the combined entity as of December 31, 2020 The financial statements for each individual entity below are for the period ending December 31 2020

Company A Company B

Cash 50,000 10,000

AR 60,000 30,000

Inventory 40,000 60,000

Invest Company B 170,000

Land 200,000 300,000

Building and Equipment 600,000 300,000

Accumulated depreciation (250,000) (200,000)

Total Assets 620,000 500,000

Accounts payable 70,000 50,000

Debt outstanding 150,000 100,000

Common Stock 300,000 120,000

Retained earnings 400,000 230,000

What will be the retained earnings and debt outstanding entries be for the combined company at the end of the year?