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Stock Acquisition Use the following to answer the question below P Company owns stock in three subsidiaries. Of its three subsidiaries, two are consolidated in
Stock Acquisition Use the following to answer the question below P Company owns stock in three subsidiaries. Of its three subsidiaries, two are consolidated in the financial statements: S Company and U Company. Only the V Company is not consolidated with P Company and the other affiliates. On December 31, 2020, and upon preparing the consolidated balance sheet, P Company had a number of Receivables from subsidiaries and Payables to subsidiaries, as follows: $77,000 65,000 425.000 36.000 Interest Receivable from s Company Interest Payable to s Company Long term Payable to s Company Intercompany Receivable from U Company Intercompany Payable to U Company Interest Receivable from V Company Long term Receivable from V Company Intercompany Payable to V Company 78.000 95.000 62.000 31,000 In the consolidated balance sheet of P Company on December 31, 2020, "Receivable from subsidiaries" and "Payable to subsidiaries" should be equal to: * $113,000 and $568,000 respectively $270,000 and $599,000 respectively $157,000 and $31,000 respectively None of the above
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