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
Assets
Cash		$	83,000				$	181,000
Accounts Receivable			210,000					175,000
Inventory			320,000					370,000
Land			190,000					160,000
Buildings & Equipment			850,000					980,000
Less: Accumulated Depreciation			(280,000	)				(325,000	)
Goodwill			40,000					28,000
Total Assets		$	1,413,000				$	1,569,000
Liabilities and Owners Equity
Accounts Payable		$	52,000				$	74,000
Interest Payable			45,000					30,000
Bonds Payable			400,000					500,000
Bond Premium			18,000					16,000
Noncontrolling Interest			40,000					44,000
Common Stock			300,000					300,000
Additional Paid-In Capital			70,000					70,000
Retained Earnings			488,000					535,000
Total Liabilities and Owners Equity		$	1,413,000				$	1,569,000

The 20X4 consolidated income statement contained the following amounts:

Sales					$	600,000
Cost of Goods Sold	$	375,000
Depreciation Expense		45,000
Interest Expense		69,000
Loss on Sale of Land		20,000
Goodwill Impairment Loss		12,000				(521,000	)
Consolidated Net Income					$	79,000
Income to Noncontrolling Interest						(7,000	)
Income to Controlling Interest					$	72,000

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 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.)

b. Prepare a consolidated statement of cash flows for 20X4. (Amounts to be deducted should be indicated with a minus sign.)