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On June 30,2021 , Plaster, Inc., paid $796,000 for 80 percent of Stucco Company's outstanding stock. Plaster assessed the acquisition-date fair value of the 20
On June 30,2021 , Plaster, Inc., paid $796,000 for 80 percent of Stucco Company's outstanding stock. Plaster assessed the acquisition-date fair value of the 20 percent noncontrolling interest at $199,000. At acquisition date, Stucco reported the following book values for its assets and liabilities: (Parentheses indicate credit balances.) On June 30, Plaster allocated the excess acquisition-date fair value over book value to Stucco's assets as follows: At the end of 2021, the following comparative (2020 and 2021) balance sheets and consolidated income statement were available: Additional Information for 2021 - On December 1, Stucco paid a $42,400 dividend. During the year, Plaster paid $68,000 in dividends. - During the year, Plaster issued $677,880 in long-term debt at par. - Plaster reported no asset purchases or dispositions other than the acquisition of Stucco. Prepare a 2021 consolidated statement of cash flows for Plaster and Stucco. Use the indirect method of reporting cash flows from operating activities. (Negative omounts and omounts to be deducted should be Indleated by a minus sign.)
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