Problem 3Pelican Company created Sun, Inc. three years ago and has been using the equity method toaccount for this investment. The following account balances are found in each firm's financialstatements of the current year, 2020:AccountsRetained earnings, 1/1/20Net income, 2020Dividends declared, 2020Retained earnings, 12/31/20Common stock and APIC, 12/31/20Pelican$650,000290,000*160,000780,000840,000Sun$275,000165,00090,000350,000568,000(*The term "Net income" means Pelican's investment income has been included.)Required: Provide the following figures:1. Consolidated net income of Pelican and Sun, 2020:2. Pelican's "Investment in Sun" at 12/31/20 (in Pelican's balance sheet):

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Answered: 840,000 Common stock and APIC, 12/31/20…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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840,000 Common stock and APIC, 12/31/20 (*The term "Net income" means Pelican's investment income has been included.) uired: Provide the following figures: onsolidated net income of Pelican and Sun, 2020: 568,000 elican's "Investment in Sun" at 12/31/20 (in Pelican's balance sheet):