At the Beginning of 2011,Parling Food Services Acquired a 90

Multiple Choice

At the beginning of 2011,Parling Food Services acquired a 90% interest in Simmons' Orchards when Simmons' book values of identifiable net assets equaled their fair values.On December 26,2011,Simmons declared dividends of $50,000,and the dividends were unpaid at year-end.Parling had not recorded the dividend receivable at December 31.A consolidated working paper entry is necessary to

A) enter $50,000 dividends receivable in the consolidated balance sheet.
B) enter $45,000 dividends receivable in the consolidated balance sheet.
C) reduce the dividends payable account by $45,000 in the consolidated balance sheet.
D) eliminate the dividend payable account from the consolidated balance sheet.