Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed
Question:
Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2017 and 2016 and other relevant information follow:
Additional information for 2017 (in thousands):\)
1. Consolidated net income to the controlling interest is \($400,000.
2. Mountain Lodging reported net income of \($120,000\) on its own books, and paid \($80,000\) in dividends.
3. Consolidated depreciation expense was \($350,000.\)
4. Plant assets with an original cost of \($500,000\) were retired from service and scrapped. Goodwill was impaired by \($30,000.\)
5. Sunny Valley paid \($70,000\) in dividends.
Required
Prepare, in good form, a consolidated statement of cash flows for 2017.
Step by Step Answer: