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On December 31, year 1, Saxe Corporation was acquired by Poe Coporation. In the business...

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Accounting

On December 31, year 1, Saxe Corporation was acquired by Poe Coporation. In the business combination, Poe issued 200,000 shares of its $10 par common stock, with a market price of $10 a share, for all of Saxe's common stock. The Stockholders' equity section of each company's balance sheet immediately befoe the combination was

POE SAXE

Common stock: $3,000,000 $1,500,000

Additional paid in capital: 1,300,000 150,000

Retained Earnings: 2,500,000 850,000

Total: 6,800,000 2,500,000

In December 31, year 1 consolidated balance sheet, retained earnings should be reported at? Please show work

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