On Jan. 1 Year 1, P spent 250 million to buy 100% of S. At that date, some key numbers (in millions) are:

S common stock 15

S paid-in capital 20

S retained earnings 80

Total book equity = 115

All of the assets and liabilities of S had book values = fair values, except:

Buildings had fair value 20 higher than book value. The remaining life is 10 years.

Inventory had a fair value 10 lower than book value. The inventory was sold in Year 1.

At the end of year 1, The books of the two companies reflect the following:

Figures in millions			P	S
			Book value	Book value
Cash			300	63
Receivables (25 receivable by P from S)			105	12
Inventory			20	13
Land			30	10
Buildings (net of deprec.)			300	100
Investment in S			269
Intangible assets			26
Goodwill			0
	total assets		1050	198
Accounts payable (25 payable by S to P)			26	38
Accrued liabilities			29	10
long-term bonds			340	30
	total liabilities		395	78
Common stock of P, at par			25
Common stock of S, at par				15
Additional paid-in capital			85	20
retained earnings (ending)			545	85
	total equity		655	120
Total liabilities + equity			1050	198
Revenues			284	130
Expenses			203	115
Income from subsidiary			23
Dividends (S paid 10 to P)			14	10
Beginning Retained earnings			455	80
Ending retained earnings			545	85

use the same facts as the prior questions, what is the correct Year one consolidated net income?

use the above facts. What is the correct consolidated dividends for Year 1?

Use the above facts. What is the correct consolidated Year 1 balance for Investment in S?