Again assume that Palm Corporation had appropriately accounted for the December 31, 2018 business combination with its subsidiary, Starr Company. A financial statement worksheet for both companies for 2020 is below. In addition to the information in the worksheet other 2020 information follows On December 20, 2020 Starr's Board of Directors declared a cash dividend of $.70 per share on the 40,000 outstanding shares of common stock owned by Palm. The dividend was payable January 12, 2021, to stockholders of record on December 28, 2020. Palm Corporation and Starr Company Separate Financial Statement Data For Year Ended December 31, 2020 Palm Corp Starr Co. Balance Sheets Assets Cash 190,000 84,000 184,000 196,000 100.000 130,000 Other Current Assets ntercompany receivable / payable Investment in Starr Common Stock Plant Assets -Net Patent (Net) (28,000) (Dividends Payable 270,000 15,000 667.000 470,000 Total Assets Liabilities and Stockholders' Equity Income Taxes Payable Other Liabilities Common Stock, $10 par Common Stock, $5 par Additional Paid in Capital Retained Earnings 30,000 20,000 163,000 200,000 60,000 224,000 420,000 Total Liabilities and Stockholders' Equity 667,000 Again assume that Palm Corporation had appropriately accounted for the December 31, 2018 business combination with its subsidiary, Starr Company. A financial statement worksheet for both companies for 2020 is below. In addition to the information in the worksheet other 2020 information follows On December 20, 2020 Starr's Board of Directors declared a cash dividend of $.70 per share on the 40,000 outstanding shares of common stock owned by Palm. The dividend was payable January 12, 2021, to stockholders of record on December 28, 2020. Palm Corporation and Starr Company Separate Financial Statement Data For Year Ended December 31, 2020 Palm Corp Starr Co. Balance Sheets Assets Cash 190,000 84,000 184,000 196,000 100.000 130,000 Other Current Assets ntercompany receivable / payable Investment in Starr Common Stock Plant Assets -Net Patent (Net) (28,000) (Dividends Payable 270,000 15,000 667.000 470,000 Total Assets Liabilities and Stockholders' Equity Income Taxes Payable Other Liabilities Common Stock, $10 par Common Stock, $5 par Additional Paid in Capital Retained Earnings 30,000 20,000 163,000 200,000 60,000 224,000 420,000 Total Liabilities and Stockholders' Equity 667,000