The following are the financial statements of Raleigh Corp and Tweedmere Inc. prepared on December 31, 2015: 2015 INCOME STATEMENTS Raleigh Tweedmere Misc. revenues 926,500 270,000 Interest revenue 3,600 Dividend revenue 10,500 $937,000 $273,600 Misc. expenses 736,400 229,600 Interest expense 3,600 Income tax expense 80,000 20,000 $820,000 249,600 Net income $117,000 $ 24,000 2015 RETAINED EARNINGS STATEMENTS Bal, Jan 1 $153,000 $ 72,000 Net income 117,000 24,000 289,800 96,000 Dividends 50,000 15,000 Bal. Dec 31 $220,000 $ 81,000 BALANCE SHEETS - December 31, 2015 Misc. Assets $535,125 $211,000 Note Receivables 60,000 Investment in Tweedmere 56,875 $592,000 $271,000 Misc. Liabilities $212,000 $140,000 Note Payable 60,000 Common Shares 100,000 50,000 Retained Earnings 220,000 81,000 $592,000 $271,000 Other information: 1. Raleigh acquired 70% of Tweedmere on January 1, 2012 at a cost of $56,875. On this