B Company owns 90% of C Company shares. B reports sales of $500,000 and C reports sales of $250,000. During the year, C sold inventory costing $30,000 to B for $60,000. Of this amount, 25% is still in ending inventory at year end. Net receivables on the consolidated balance sheet were $80,000 at the first of the year and $118,000 at year end. The Allowance for doubtful accounts was$8,000 at the beginning of the year and $12,000 at the end on the year. No intra-entity debt existed at the beginning of the year or at the end of the year.

Required:

Using the direct method, prepare a schedule showing the amount of cash collected by the business combination from its customers.