Sealco Enterprises published the consolidated income statement for the year that is shown below.

The unconsolidated affiliate retained 20 percent of its earnings of \(\$ 100,000\) during the year, having paid out the rest as dividends. The consolidated subsidiary earned \(\$ 200,000\) during the year and declared no dividends.
a What percentage of the unconsolidated affiliate does Sealco Enterprises own?
b What dividends did Sealco Enterprises receive from the unconsolidated affiliate during the year?
c What percentage of the consolidated subsidiary does Sealco Enterpriscs own?
d Prepare the "working capital provided by operations" section of the Sealco Enterprises Consolidated Statement of Changes in Financial Position for the year assuming that (i) The statement starts with net income to shareholders;
(ii) The statement shows only revenues and expenses that involve working capital.

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Sealco Enterprises Consolidated Income Statement for the Year Revenues: Sales Equity in Earnings of Unconsolidated Affiliate Total Revenues Expenses: Cost of Goods Sold (Excluding Depreciation) Administrative Expenses Depreciation Expense Amortization of Goodwill Income Tax Expenses: Currently Payable Deferred Total Expenses Income of the Consolidated Group Less Minority Interest in Earnings of Consolidated Subsidiary Net Income to Shareholders $1,000,000 40,000 $1,040,000 $ 650,000 100,000 115,000 5,000 $42,000 10,000 52,000 $ 922,000 $ 118,000 30,000 88,000