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 $ 83,000 210,000 320,000 190,000 850,000 (280,000) 40,000 $1,413,000 $ 181,000 175,000 370,000 160,000 980,000 (325,000) 28,000 $1,569,000 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 $ 52,000 45,000 400,000 18,000 40,000 $ 74,000 30,000 500,000 16,000 44,000 300,000 70,000 535,000 $1,569,000 3ee, eee 70,000 488,000 $1,413,000 The 20X4 consolidated Income statement contained the following amounts: $ 600,000 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 45,000 69,000 20,000 12,000 (521,000) $ 79,000 (7,000) $ 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. POINT COMPANY AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X4 Consolidation Entries Balance 1/1/X4 Debit Credit Item Balance 12/31/X4 S 0 0 0 0 0 0 0 S 0 S 0 S 0 0 0 Aseta Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Goodwill Total Assets Llabilities & Equity Accounts payable Interest payable Bonds payable Bond premium Camman stock Additional Paid In capital Retained earnings Noncontrolling interest Total Liabilities & Equity Sales Cast of goods sold Depreciation expense Interest expense Loss on sale af land Goodwill impairmentlass Cansalidated net income 0 0 0 0 0 S OS os 0 S 0 Cash Flows from Operating Activities Cash received from customers Cash paid to suppliers Cash paid for interest an bonds payable Cash Flows from Investing Activities: Sale af land Purchase of buildings and equipment Cash Flows from Financing Activities: Sale af bonds Dividends Paid: To Paint shareholders To noncontrolling shareholders Increase in cash S S 0 b. Prepare a consolidated statement of cash flows for 20X4. (Amounts to be deducted should be Indicated with a minus sign.) POINT COMPANY AND SUBSIDIARY Consolidated Statement of Cash Flows Year Ended December 31, 20X4 Cash Flows from Operating Activities: 0 $ 0 Cash Flows from Investing Activities: 0 Cash Flows from Financing Activities: Dividends Paid: 0 $ 0 Cash balance at beginning of year Cash balance at end of year 5 $ 0