Pole Manufacturing Corporation Issued stock with a par value of $66,000 and a market value of $503,000 to acquire 95 percent of Spencer Corporation's common stock on August 30, 20X1. At that date, the fair value of the noncontrolling Interest was $27,000. On January 1, 20X1, Spencer reported the following stockholders' equity balances: Common Stock ($10 par value) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity $140,000 48,000 280,000 $468,000 Spencer reported net income of $80,000 in 20X1, earned uniformly throughout the year, and declared and paid dividends of $10,000 on June 30 and $35,000 on December 31, 20X1. Pole accounts for its Investment in Spencer Corporation using the equity method Pole reported retained earnings of $410,000 on January 1, 20X1, and had 20X1 Income of $160,000 from its separate operations. Pole pald dividends of $89,000 on December 31, 20X1 Required: a. Compute consolidated retained earnings as of January 1, 20X1, as it would appear in comparative consolidated financial statements presented at the end of 20X1 Consolidated retained earnings inces b. Compute consolidated net income and income to the controlling Interest for 20X1. (Do not round intermediate calculations.) Consolidated net income Income to controlling interest c. Compute consolidated retained earnings as of December 31, 20X1 (Do not round intermediate calculations.) Prev H Next >