At December 31, 20x1, Galaxy Inc. owned 90% of Wyatt Corp., a consolidated subsidiary, and...
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At December 31, 20x1, Galaxy Inc. owned 90% of Wyatt Corp., a consolidated subsidiary, and 20% of Corner Corp., an investee in which Galaxy cannot exercise significant influence. On the same date, Galaxy had receivables of $300,000 from Wyatt and $200,000 from Corner. In its December 31, 20x1, consolidated balance sheet, how much should Galaxy report as accounts receivable from affiliates? Show all work.
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