E 3-5 Disclosure of consolidated dividends On December 31, 2011, the separate-company financial statements for Pan Corporation and its 70 percent-owned subsidiary, Sad Corporation, had the following account balances related to dividends (in thousands): Pan Sad Dividends for 2011 $2,400 $1,600 Dividends payable at December 31, 2011 1,200 400 REQUIRED 1. At what amount will dividends be shown in the consolidated retained earnings statement? 2. At what amount should dividends payable be shown in the consolidated balance sheet