How to offset retained earning into net income in Equity

We want to net the balance in retained earnings to net income. While retained earnings have an account (XXXX), net income doesn’t. Once we net both accounts, the elimination impact will also be eliminated since as of 10/1, equity for the legacy subsidiaries needs to be zero.

I need your help to figure out how to offset retained earning into net income in Equity or vice-versa. Please advise

Beginner Asked on January 19, 2022 in Accounting.
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