Question

On June 1, 2011, Puell Company acquired 100% of the stock of Sorrell Inc. On this date, Puell had Retained Earnings of $100,000 and Sorrell had Retained Earnings of $50,000. On December 31, 2011, Puell had Retained Earnings of $120,000 and Sorrell had Retained Earnings of $60,000. The amount of Retained Earnings that appeared in the December 31, 2011 consolidated balance sheet was

A) $120,000.

B) $130,000.

C) $170,000.

D) $180,000.

Answer

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