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On 1st January, 2014, Prince Company purchased an 80 percent interest in the common stock of Sivet Company for $1,040,000, which was $60,000 greater than book value of equity acquired. The difference between book and implied value relates to the subsidiary's land. The subsequent information is from the consolidated retained earnings section of consolidated statements work paper for the year ended 31st December, 2014: SIVET CONSOLIDATED COMPANY BALANCES 1/01/14 retained earnings $300,000 $1,400,000 Net income 220,000 680,000 Dividends declared (80,000) (140,000) 12/31/14 retained earnings $440,000 $1,940,000 Sivet's stockholders' equity adds only common stock and retained earnings. Required: A. Create the workpaper eliminating entries for a consolidated statements workpaper on 31st December, 2014. Prince uses the cost method. B. Evaluate the total no controlling interest to be reported on the consolidated balance sheet on 31st December, 2014.
Which of these two controls would cost less and prove more effective? Is there a different, more cost effective strategy we should consider?
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Accounts receivable are $45,000 and are directly proportional to total sales. The sales forecast for next year is $125,000, which represents a 5% growth over the current year. The forecast accounts receivable would be:
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