1)based on the information provided, what amount of net income would be reported in the consolidated financial statement prepared on December 31, 2019? 2)what amount of total assets would be reported in the consolidated balance sheet prepared on December 31,2019? 3)what amount of Retained earning would be reported in the consolidated balance sheet prepared on December 31,2019? 4) what amount of total Liabilities would be reported in the consolidated balance sheet prepared on December 31,2019? 5)what amount of total stokholder equity would be reported in the consolidated balance sheet prepared on December 31,2019?

On January 1, 2019, Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at underlying book value. Plimsol uses the cost method in accounting for its investment in Shipping. Shipping's retained earnings was $75,000 on the date of acquisition. On December 31, 2019, the trial balance data for the two companies were as follows: Shipping Corporation Debit Credit $75,000 150,000 Item Current Assets Depreciable Assets (net) Investment in Shipping Corp. Cost of Goods Sold Depreciation Expense Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Dividend Income Plimsol Company Debit Credit $100,000 200.000 125.000 60,000 20,000 25,000 $40.000 75.000 100,000 150.000 150,000 15.000 $530,000 $530.000 45,000 15,000 15,000 $25,000 50,000 50,000 75.000 100.000 $300.000 $300.000