On June 30, 2018, Plaster, Inc., paid $940,000 for 80 percent of Stucco Company's outstanding stock. Plaster assessed the acquisition date fair value of the 20 percent noncontrolling interest at $235,000. At acquisition date, Stucco reported the following book values for its assets and liabilities: Cash Accounts receivable Inventory Land Buildings Equipment Accounts payable $ 61,500 130,300 208,400 66,800 179,800 308,100 (35,900) On June 30, Plaster allocated the excess acquisition date fair value over book value to Stucco's assets as follows: Equipment (3-year remaining life) Database (10-year remaining life) $ 76,800 179,200 At the end of 2018, the following comparative (2017 and 2018) balance sheets and consolidated income statement were available: Plaster, Inc. December 31, 2017 43,900 369,500 423,700 306,300 250, 100 1,837,500 Cash Accounts receivable (net) Inventory Land Buildings (net) Equipment (net) Database Total assets Accounts payable Long-term liabilities Common stock Noncontrolling interest Retained earnings Total liabilities and equities Consolidated December 31, 2018 $ 247,900 495,500 734,900 373,109 378,100 2,082,200 170, 240 $ 4,481,940 $ 109,400 1,250,380 1,840,500 261,200 1,020,460 $ 4,481,940 $ 3,231,000 $ 81,800 409,000 1,840,500 899,700 3, 231,000 $ PLASTER, INC., AND SUBSIDIARY STUCCO COMPANY Consolidated Income Statement For the Year Ended December 31, 2018 Revenues $ 1,243,800 Cost of goods sold $ 753,400 Depreciation 191,400 Database amortization 8,960 Interest and other expenses 10,000 963,760 Consolidated net income $ 280,040 Additional Information for 2018 On December 1, Stucco paid a $42,400 dividend. During the year, Plaster paid $124,000 in dividends. During the year, Plaster issued $841,380 in long-term debt at par. Plaster reported no asset purchases or dispositions other than the acquisition of Stucco. Prepare a 2018 consolidated statement of cash flows for Plaster and Stucco. Use the indirect method of reporting cash flows operating activities. (Negative amounts and amounts to be deducted should be indicated by a minus sign.) PLASTER INC. AND SUBSIDIARY STUCCO COMPANY Consolidated Statement of Cash Flows For the Year Ended December 31, 2018 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities