?Mercedes Co has owned 100% of Benz Co since incorporation. At 31 March 20X9 extracts from their individual statements of financial position were as follows.
Mercedes Co Benz Co??????????$?????????? ? $
Share capital??????????????????? 100,000???? ?50,000
Retained earnings??????????? 450,000???? 120,000
???????????????????????????????????????? 550,000????? 170,000
During the year ended 31 March 20X9, Benz Co had sold goods to Mercedes Co for $50,000. Mercedes Co still had these
goods in inventory at the year end. Benz Co uses a 25% mark up on all goods.
What were the consolidated retained earnings of Mercedes Group at 31 March 20X9?