Duckworth Corporation purchases an 80% interest in Panda Corporation on January 1, 2013, in exchange for 5,000 Duck-worth shares (market value of $18) plus $155,000 cash. The fair value of the NCI is proportionate to the price paid by Duckworth for its interest. The appraisal shows that some of Panda’s equipment, with a 4-year estimated remaining life, is undervalued by $20,000. The excess is attributed to goodwill. Panda Corporation’s balance sheet on December 31,2012is shown on page 360.

Comparative balance sheet data are as follows:

The following information relates to the activities of the two companies for 2013:
a. Panda pays off $10,000 of its long-term debt.
b. Duckworth purchases production equipment for $76,000.
c. Consolidated net income is $103,200; the NCI’s share is $5,000. Depreciation expense taken by Duckworth and Panda on their separate books is $92,000 and $28,000, respectively.
d. Duckworth pays $30,000 in dividends; Panda pays $15,000.
Required
Prepare the consolidated statement of cash flows for the year ended December 31, 2013, for
Duckworth Corporation and its subsidiary, Panda Corporation.

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Assets Liabilities and Equity Cash Inventory Property, plant, and equipment... Accumulated depreciation. .. $ 30,000 40,000 300,000 om stock ($10 par) . . .. 50,000 30,000 Longterm liabilities (90,000 Retained earnings.. $270,000 Total liabilities and equiry . .$270,000 December 31, 2012 (Parent Only) 100,000 60,000 950,000 (360,000) December 31, 2013 Consolidated $95,000 84,200 1,346,000 (575,000) 86,250 (115,000) (130,000) (63,250) as (80,000) (100,000) Controlling interest: (350,000) (50,000) 170,000) 0 (400,000) (90,000 (238,200) 0 Totals . . .