Please help me solve this also part B. Thanks b. Prepare a consolidated statement of cash flows for 20X4. (Amounts to be deducted should be indicated with a minus sign.)
Polnt Company holds 80 percent ownership of Shoot Company. The consolidated balance sheets as of December 31, 20X3, and December 31, 20X4, are as follows: Dec. 31, 20X3 Dec. 31, 20X4 Assets $ 181,000 175, e00 378,800 160, e00 980, e00 Cash 83,008 218,000 320,e00 198,e00 Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Goodwill 85e, e00 (280,008) 40, e00 (325,e00) 28,808 Total Assets $1,413,800 $1,569, 000 Liabilities and Owners' Equity Accounts Payable Interest Payable Bonds Payable 52,800 45,e00 400,e00 18,e00 40,800 , 70,e00 488,e00 74,808 30,000 500, e00 Bond Premiun 16,000 44,000 8, 70,e00 Noncontrolling Interest Connon Stock Additional Paid-In Capital Retained Earnings 535,000 $1,413,000 $1,569, 000 Total Liabilities and Owners' Equity The 20X4 consolidated Income statement contalned the following amounts: $ 600, e00 Sales Cost of Goods Sold $375,000 45,000 69,e00 20,000 12,000 Depreciation Expense Interest Expense Loss on Sale of Land Goodwill Impairment Loss Consolidated Net Income (521,888) 79,e00 (7.e00) Income to Noncontrolling Interest $ 72,000 Income to Controlling Interest Polnt acquired Its Investment In Shoot on January 1, 20X2, for $176,000. At that date, the falr value of the noncontrolling Interest was $44,000, and Shoot reported net assets of $150,000. A total of $40,000 of the differential was assigned to goodwill. The remalnder of the differentlal was assigned to equlpment with a remaining life of 20 years from the date of combination. Polnt sold $100,000 of bonds on December 31, 20X4, to assist in generating additional funds. Shoot reported net Income of $35,000 for 20X4 and pald dividends of $15,000. Polnt reported 20X4 equity-method net Income of $80,000 and pald dividends of $25,000. Required: a. Prepare a worksheet to develop a consolidated statement of cash flows for 20X4 using the direct method of computing cash flows from operations. (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 "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount In the debit column of the worksheet. Similarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet.) POINT COMPANY AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X4 Consolidation Entries Balance Balance 12/31/X4 Item Debit Credit 1/1/X4 Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Polnt Company holds 80 percent ownership of Shoot Company. The consolidated balance sheets as of December 31, 20X3, and December 31, 20X4, are as follows: Dec. 31, 20X3 Dec. 31, 20X4 Assets $ 181,000 175, e00 378,800 160, e00 980, e00 Cash 83,008 218,000 320,e00 198,e00 Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Goodwill 85e, e00 (280,008) 40, e00 (325,e00) 28,808 Total Assets $1,413,800 $1,569, 000 Liabilities and Owners' Equity Accounts Payable Interest Payable Bonds Payable 52,800 45,e00 400,e00 18,e00 40,800 , 70,e00 488,e00 74,808 30,000 500, e00 Bond Premiun 16,000 44,000 8, 70,e00 Noncontrolling Interest Connon Stock Additional Paid-In Capital Retained Earnings 535,000 $1,413,000 $1,569, 000 Total Liabilities and Owners' Equity The 20X4 consolidated Income statement contalned the following amounts: $ 600, e00 Sales Cost of Goods Sold $375,000 45,000 69,e00 20,000 12,000 Depreciation Expense Interest Expense Loss on Sale of Land Goodwill Impairment Loss Consolidated Net Income (521,888) 79,e00 (7.e00) Income to Noncontrolling Interest $ 72,000 Income to Controlling Interest Polnt acquired Its Investment In Shoot on January 1, 20X2, for $176,000. At that date, the falr value of the noncontrolling Interest was $44,000, and Shoot reported net assets of $150,000. A total of $40,000 of the differential was assigned to goodwill. The remalnder of the differentlal was assigned to equlpment with a remaining life of 20 years from the date of combination. Polnt sold $100,000 of bonds on December 31, 20X4, to assist in generating additional funds. Shoot reported net Income of $35,000 for 20X4 and pald dividends of $15,000. Polnt reported 20X4 equity-method net Income of $80,000 and pald dividends of $25,000. Required: a. Prepare a worksheet to develop a consolidated statement of cash flows for 20X4 using the direct method of computing cash flows from operations. (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 "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount In the debit column of the worksheet. Similarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet.) POINT COMPANY AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X4 Consolidation Entries Balance Balance 12/31/X4 Item Debit Credit 1/1/X4 Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation
