pla answer with derails

Year ended 12/31/2019 Sal Ran Income statement: Revenues 7400 4950 Income from XYZ ???? Cost of goods sold (3900) (2700) Operating expenses (1100) (950) Net income ???? 1300 Statement of retained earnings: Beginning retained earnings 1850 1300 Add net income ???? 1300 Deduct dividends (200) Ending retained earnings ???? 2400 Balance sheet, 12/31/2019 Sal Ran Cash 1200 900 Accounts receivable, net 2000 1100 Inventories 300 1300 Land 2000 750 Equipment, net 2200 2000 Investment in XYZ ???? Total ???? 6050 Accounts payable 2290 650 Capital stock 5000 3000 Retained earnings ???? 2400 Total ???? 6050 Additional information On the same date, the assets of Ran Company were determined att fair value equal to their book value, except for inventory, equipment, and lands. Inventory was undervalued by $100,000, half of which was sold in 2019. Equipment was undervalued by $175,000 and had a remaining useful life of 10 years starting from January 1. Lands were overvalued at $100,000 and remained in the company's possession in 2019. Ran declared the distribution of $200,000 dividends on 1/7/2019 - Ran's revenues and expenses are assumed to be incurred uniformly over the year. Year ended 12/31/2019 Sal Ran Income statement: Revenues 7400 4950 Income from XYZ ???? Cost of goods sold (3900) (2700) Operating expenses (1100) (950) Net income ???? 1300 Statement of retained earnings: Beginning retained earnings 1850 1300 Add net income ???? 1300 Deduct dividends (200) Ending retained earnings ???? 2400 Balance sheet, 12/31/2019 Sal Ran Cash 1200 900 Accounts receivable, net 2000 1100 Inventories 300 1300 Land 2000 750 Equipment, net 2200 2000 Investment in XYZ ???? Total ???? 6050 Accounts payable 2290 650 Capital stock 5000 3000 Retained earnings ???? 2400 Total ???? 6050 Additional information On the same date, the assets of Ran Company were determined att fair value equal to their book value, except for inventory, equipment, and lands. Inventory was undervalued by $100,000, half of which was sold in 2019. Equipment was undervalued by $175,000 and had a remaining useful life of 10 years starting from January 1. Lands were overvalued at $100,000 and remained in the company's possession in 2019. Ran declared the distribution of $200,000 dividends on 1/7/2019 - Ran's revenues and expenses are assumed to be incurred uniformly over the year