#6

Point Compony holds 80 percent ownership of Shoot Company. The consolidated balance sheets as of December 31,203, and December 31,204, are as follows: The 204 consolidated income statement contained the foliowing smounts: Point ocquired its investment in Shoot on Januery 1, 20x2, for $176,000. At thot dote, the fair value of the noncontrolling interest was $44,000, and Shoot reported net assets of $150,000. A total of $40,000 of the differentiel wos ossigned to goodwill. The remoinder of the differential wos assigned to equipment with a remaining life of 20 years from the date of combination. Point sold $100,000 of bonds on December 31,204, to sssist in generating edditional funds. Shoot reported net income of $35,000 for 204 and poid dividends of $15,000. Point reported 204 equity-method net income of $80,000 and poid dividends of $25,000. Required: a. Prepore o worksheet to develop 8 consolidated stotement of cash fiows for 204 using the indirect method of computing cash flows from operations. b. Prepore o consolidated statement of cash flows for 204. Complete this question by entering your answers in the tabs below. Prepare a worksheet to develop a consolidated statement of cash flows for 204 using the direct method of computing cash flows from operattons. Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consulidaton Entries" columins should be entered as besitive values. For aciounts where nultiple adjusting entries are required, combine all debit entrius into one amcunt and antur this amount in the dibit column of the worksheet. Similarfy, combine al credit entries into one amount and enter this amount in the credit colurnn of the warksheet. Complete this question by entering your answers in the tabs below. Prepare a consolidated statement of cash fows for 201