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Point 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 $ 83,000 210, eee 320,000 190,000 850. eee (280, eee) 40, eee $1,413,000 $ 181,899 175,00 370.00 160, eee 980, eee (325, 800) 28, 60e $1,569,800 Assets Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Goodwill Total Assets Liabilities and Owners' Equity Accounts Payable Interest Payable Bonds Payable Bond Premium Noncontrolling Interest Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Owners' Equity 52, eee 45, eee 480.299 18. eae 40, eee 38e, eee 70,000 488,888 $1,413,000 $ 74,90 3e, eee 5ee, eee 16,90 44. eee see, 800 70,000 535, ese $1,569,800 The 20X4 consolidated income statement contained the following amounts: $ 680,000 Sales Cost of Goods Sold Depreciation Expense Interest Expense Loss on Sale of Land Goodwill Impairment Loss Consolidated Net Income Income to Noncontrolling Interest Income to Controlling Interest $375,000 45, eee 69,000 20, eee 12, eee (521, 809) $ 79,99 (7,00 ) $ 72, eee Point acquired its investment in Shoot on January 1, 20X2, for $176.000. At that date, 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 differential was assigned to goodwill. The remainder of the differential was assigned to equipment with a remaining life of 20 years from the date of combination. Point 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 paid dividends of $15.000. Point reported 20X4 equity-method net income of $80,000 and paid 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 vo columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, whlle all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all deblt 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 Debit Credit Item Balance 12/31/X4 Assets POINT COMPANY AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X4 Consolidation Entries Balance Debit Credit Item Balance 12/31/X4 Assets Cash 0 Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Goodwill Total Assets Liabilities & Equity Accounts payable Interest payable Bonds payable Bond premium Common stock Additional Paid-In capital Retained earnings Noncontrolling interest Total Liabilities & Equity Sales Cost of goods sold Depreciation expense Interest expense Loss on sale of land Goodwill impairment loss Consolidated net income S0S0S0S SOSO Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid for interest on bonds payable Cash Flows from Investing Activities: Sale of land Purchase of buildings and equipment Cash Flows from Financing Activities: Sale of bonds Dividends Paid: To Point shareholders To noncontrolling shareholders Increase in cash SOSO Point 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 $ 83,000 210, eee 320,000 190,000 850. eee (280, eee) 40, eee $1,413,000 $ 181,899 175,00 370.00 160, eee 980, eee (325, 800) 28, 60e $1,569,800 Assets Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Goodwill Total Assets Liabilities and Owners' Equity Accounts Payable Interest Payable Bonds Payable Bond Premium Noncontrolling Interest Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Owners' Equity 52, eee 45, eee 480.299 18. eae 40, eee 38e, eee 70,000 488,888 $1,413,000 $ 74,90 3e, eee 5ee, eee 16,90 44. eee see, 800 70,000 535, ese $1,569,800 The 20X4 consolidated income statement contained the following amounts: $ 680,000 Sales Cost of Goods Sold Depreciation Expense Interest Expense Loss on Sale of Land Goodwill Impairment Loss Consolidated Net Income Income to Noncontrolling Interest Income to Controlling Interest $375,000 45, eee 69,000 20, eee 12, eee (521, 809) $ 79,99 (7,00 ) $ 72, eee Point acquired its investment in Shoot on January 1, 20X2, for $176.000. At that date, 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 differential was assigned to goodwill. The remainder of the differential was assigned to equipment with a remaining life of 20 years from the date of combination. Point 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 paid dividends of $15.000. Point reported 20X4 equity-method net income of $80,000 and paid 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 vo columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, whlle all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all deblt 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 Debit Credit Item Balance 12/31/X4 Assets POINT COMPANY AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X4 Consolidation Entries Balance Debit Credit Item Balance 12/31/X4 Assets Cash 0 Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Goodwill Total Assets Liabilities & Equity Accounts payable Interest payable Bonds payable Bond premium Common stock Additional Paid-In capital Retained earnings Noncontrolling interest Total Liabilities & Equity Sales Cost of goods sold Depreciation expense Interest expense Loss on sale of land Goodwill impairment loss Consolidated net income S0S0S0S SOSO Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid for interest on bonds payable Cash Flows from Investing Activities: Sale of land Purchase of buildings and equipment Cash Flows from Financing Activities: Sale of bonds Dividends Paid: To Point shareholders To noncontrolling shareholders Increase in cash SOSO