Q2- Phips Co. purchases 100 percent of Sips Company on January 1, 20X2, when Phips* retained earnings balance is $422,000 and Sips* RE balance is $140,000. During 20X2, Sips reports $30,000 of net income and declares $8,000 of dividends. Phips reports $145.000 of separate operating earnings plus $30,000 of equity-method income from its 100 percent interest in Sips: Phips declares dividends of $35,000. What is the consolidated retained carings balance on December 31, 20X2 in the consolidated retained earnings statement? a- $402.000 b- $410.000 c- $340.000 d- $562,000

With calculations pleas