On june 1, 2014, 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, 2014, 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, 2014 consolidated balance sheet was

$120,000

Explanation:

Reason: The amount of retained earnings as on 31st December, 2014 in the consolidated balance sheet is $120,000 because, the parent company in the given case is puell co. As it has acquired 100% of the stock. Therefore, as on 31st December 2014 the parents company's retained earnings of $120,000 should appear in the consolidated balance sheet

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