Retained Earnings Statement 5 Retained Earnings 1/1 - Perez Company 50,000 B Sanchez Company Net Income from Above 52,800 Dividends Declared Perez Company (10,000) - Sanchez Company Retained Earnings 12/ 392,800 30,000 13,000 (12,000) 31,000 Balance Sheet 5 Cash 13,000 14,000 Accounts Receivable 22,000 36,000 B Inventory 12/31 40,000 15,000 Advance to Sanchez 8,000 Investment in Sanchez 85,000 Difference b/w Implied & Book Value e Plant and Equipment 50,000 44,000 Land 17,800 6,000 5 Total 235,800 115,000 5 - Accounts Payable 6,000 6,000 s Other Liabilities 37,000 Advances from Perez 8,000 Common Stock Perez Company 100,000 - Sanchez Company 70,000 Retained Earnings from 92,800 31,000 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest 5 Total 235,800 115,000 - 3