QUESTION 23 $120.000. During 20x2.S reporto $20,000 of net income and declares $8.000 of dividends. Preports $125,000 of separate operating earnings P Co purchases 100 percent of Company on January 1, 20X2, when P's retained earnings balance is $320,000 and S RE balance is plus $20,000 of oquity-method income from its 100 percent interest in S: P declares dividends of $35,000. What is retained earnings balance on December 31, 20X2 in its individual RE statement? 3140.000 $120.000 5132,000 $100,000 QUESTION 24 Phips Co. purchases 100 percent of Sips Company on January 1, 20x2, when Phips" retained earnings balance is $320,000 and Sipe' RE balance is $120,000. During 20x2, Sips reports $20,000 of net income and declares $8,000 of dividends. Phips reports $125,000 of separate operating earnings plus $20,000 of equity-method income from its 100 percent interest in Sips, Phips declares dividends of $35,000 What is Phips' total net income including the income from Sips in its income statement for the year ended December 31, 20x2? $145.000 $125.000 - Sex and submit to me and submit. Click Sow All Answers to save all answers, Save As A