QUESTION Phips Ca, purchases 100 percent of Sips Company on January 1, 2012, when Phips retained earnings balance is $320,000 and Sip Re 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? 315.000 312000 110.000 $110,000