On January 1, 2012, Packaging International purchased 90% of Shipaway Corporation's outstanding shares for $135,000 when the fair value of Shipaway's identifiable net assets were equal to the book values. The balance sheets of Packaging and Shipaway Corporations at year-end 2011 are summarized as follows: Packaging Shipaway. Assets $590,000 $180,000 Liabilities $70,000 $30,000 Capital stock 360,000 90,000 Retained earnings 160,000 50,000 If a consolidated balance sheet was prepared immediately after the busir Earnings would be: combination, the consolidated Retained $214,000. a. $60,000. Ob. $54,000. O c. o d. $160,000. $210,000. e