PLEASE SHOW STEPS

Colorful, Inc. had a number of receivables from its subsidiaies at the balance sheet date, as well as several payables to the subsidiaries. Of its five subsidiaries, four are consolidated in the financial statements (Blue Inc., Gold Inc., Red Inc. and Bronze Inc.). Only Silver Inc. is not consolidated with Colorful and the other affiliates. The following list of receivables and payables shows balances at December 31, 2020 of: Interest Receivable from Silver, Inc. Interest Payable to Blue, Inc. Intercompany payable to Gold, Inc. Long-term advance to Red, Inc. Long-term advance to Bronze, Inc. Long-term receivable from Silver, Inc. $50,000 75,000 105,000 150,000 450,000 500,000 Required: A. Show the classification and amount(s) that should be reported in the consolidatec balance sheet of Colorful, Inc. and Subsidiaries at 12/31/20 as receivables from subsidiaries. B. Show the classification and amount(s) that should be reported in the consolidatec balance sheet of Colorful, Inc. and Subsidiaries at 12/31/20 as payables from subsidiaries