P purchases 100 percent of Company on January 1, 20X2, when P's retained earnings balance is $210,000 and S's RE balance is $120,000 During 20x2, S reports $20,000 of net income and declares $8,000 of dividends. P reports $125,000 of separate operating earnings plus $20,000 of equity-method income from its 100 percent interest in S; P declares dividends of $35,000, What is P's retained earnings balance on December 31, 2012 in its individual RE statement? $305,000 $320,000 $410,000 $465,000 QUESTION 11 Company P purchased 60% stock in Company S on Jan 1, 20x1 for $200,000. Company S reported the following information for the year 20X1: Income before Extraordinary Income $100,000 Extraordinary Income 30.000 Net Income 130,000 Also, Company S paid a dividend of $20,000 during the year 20X1. Under the equity method, in the books of P, the extraordinary income account will be credited with O, because don't record investor's sharo in extraordinary income in the equity method $18,000 $77,000 $14,000