Texts: Bolero Company holds 80% of the common stock of Rivera, Incorporated, and 30% of this subsidiary's convertible bond. The following consolidated financials are for 2022 and 2023 (credit balances indicated by parentheses):
2022:
Assets: $10,500
Liabilities: $28,750
Common Stock: $0
Retained Earnings: $118,500
Total Stockholders' Equity: $122,500
Total Liabilities and Stockholders' Equity: $320,750
Net Income: $74,750
Dividends: $25,200
Convertible Bond: $42,500
Long-term Assets: $200,000
Long-term Liabilities: ($1,700)
2023:
Assets: $22,356
Liabilities: $48,450
Common Stock: $2,500
Retained Earnings: $104,500
Total Stockholders' Equity: $191,200
Total Liabilities and Stockholders' Equity: $358,909
Net Income: $51,680
Dividends: $49,200
Convertible Bond: $200,000
Long-term Assets: $20,550
Additional Information for Fiscal Year 2023:
Bolero and Rivera's consolidated net income was $63,750.
Rivera paid $4,000 in dividends during the year.
Bolero paid $14,000 in dividends.
Rivera sold $100 worth of merchandise to Bolero during the year.
There were no purchases or sales of long-term assets during the year.
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