At the beginning of 2011, Farting Food Services acquired a 30% interest in Simmons Orchards when Simmons book values of dentifiable net assets equaled their fair values. On December 26, 2011, Simmons declared dividends of $50,000 and the childench were upant at year end. Parting had not recorded the dindend receliatile at December 11 A conscited working paper entry is necessary reduce the divlends payable account by ses,000 in the consolidated bilance sheet er $50,000 dividendable in the coated c vend pole account from the consolidated balance sheet d 141.000/vidence in the conduct Next we