Question: On January 1, 2014, Pack Corp. purchased all of Slam Corp.'s common stock for $500,000. On that date, the fair values of Slam's net assets equaled their book values of $400,000. During 2014, Slam paid cash dividends of $8,000. The following balance sheet and income statement accounts are reported on Pack and Slam's separate financial statements at December 31, 2014:
Required: What amount of retained earnings will Pack report in its December 31, 2014, consolidated balance sheet?