Reference no: EM13746810
On January 1, year 1, ABC Corp. purchased all of DEF Corp.'s common stock for $1,000,000. On that date, the fair values of DEF’s assets and liabilities equaled their carrying amounts of $800,000 and $100,000, respectively. During year 1, DEF paid cash dividends of $20,000. Selected information from the separate balance sheets and income statements of ABC and DEF as of December 31, year 1, and for the year then ended follows: Balance sheet accounts Investment in subsidiary ABC $800,000 DEF Retained earnings 1,000,000 500,000 Total stockholders' equity 3,000,000 1,500,000 Income statement accounts Operating income 400,000 300,000 Equity in earnings of ABC 150,000 Net income 450,000 150,000 In ABC's December 31, year 1 consolidated balance sheet, what amount should be reported as total retained earnings?
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