Income statement Colins Co. San Co. Dr. Cr.

Sales 400,000 200,000 31,200

Investment income 31,200
Total revenue 431,200 200,000
Cost of good sold 170,000 115,000 5,000
Depreciation expense 50,000 20,000 5,000
Interest expense 1,000
Other expense 40,000 15,000
Goodwill impairment loss 2,500
Total cost and expense 260,000 150,000
Net income 171,200 50,000
NCI in Net income- Subsidiary 7,800
Net income to Retained earnings 171,200 50,000

Statement of Retained Earnings

Retained earnings, 1/1
Colin company 300,000
Adam Company 100,000 100,000
Net income, from above 171,200 50,000
Total 471,200 150,000
Dividends paid
Colin company 60,000
Adam Company 30,000 30,000
Retained earnings, 12/31 to Balance sheet 411,200 120,000
Consolidated

600,000

600000
290,000
75,000
1,000
55,000
2,500
423,500
176,500
-7,800
168,700

300,000

168,700
468,700

60,000

408,700