I DO NOT UNDERSTAND HOW RETAINED EARNINGS AND AOCI IS CALCULATED IN PART C, THERE IS NO EXPLANATION ON CHEGG IN ANY OF THE EXISTING EXAMPLES. PLEASE ADVISE. THANKS. Purple Corporation acquired 75 percent of Socks Corporations common stock on January 1, 20X8, for $435,000. At that date, Socks reported common stock outstanding of $300,000 and retained earnings of $200,000, and the fair value of the noncontrolling interest was $145,000. The book values and fair values of Socks's assets and liabilities were equal, except for other intangible assets, which had a fair value $80,000 more than book value and a 10-year remaining life. Purple and Socks reported the following data for 20X8 and 20X9:

	Socks Corporation													Purple Corporation
Year	Net Income				Comprehensive Income				Dividends Paid					Operating Income				Dividends Paid
20X8		$	40,000			$	50,000			$	15,000				$	120,000			$	70,000
20X9			60,000				65,000				30,000					140,000				70,000

Required: a. Compute consolidated comprehensive income for 20X8 and 20X9.

b. Compute comprehensive income attributable to the controlling interest for 20X8 and 20X9.

c. Assuming that Purple reported capital stock outstanding of $320,000 and retained earnings of $430,000 at January 1, 20X8, prepare the stockholders equity section of the consolidated balance sheet at December 31, 20X8 and 20X9.