Question 2 Phips Co. purchases 100 percent of Sips Company on January 1, 20X2, when Phips retained earnings balance is $126.00 and Rancais 1129558 During 20x2, Sips reports $20,000 of net income and declares $8,000 of dividends Phips reports $125,000 ofert De WA D 620 equity-method income from its 100 percent interest in Sips; Phips declares dividends of $35.000 What is the consolidated retained earnings balance on December 31, 20X2? $562,000 $402,000 $410,000 $430,000