Preparation of Statement of Cash Flows The accountant for Consolidated Enterprises Inc. has just finished preparing a consolidated balance sheet, income statement, and statement of changes in retained earnings for 20X3. The accountant has asked for assistance in preparing a statement of cash flows for the consolidated entity. Consolidated Enterprises holds 80 percent of the stock of Separate Way Manufacturing. The following items are proposed for inclusion in the consolidated cash flow statement: Decrease in accounts receivable $ 23,000 Increase in accounts payable 5,000 Increase in inventory 15,000 Increase in bonds payable 120,000 Equipment purchased 380,000 Common stock repurchased 35,000 Depreciation reported for current period 73,000 Gain recorded on sale of equipment 8,000 Book value of equipment sold 37,000 Goodwill impairment loss 3,000 Sales 900,000 Cost of goods sold 368,000 Dividends paid by parent 60,000 Dividends paid by subsidiary 30,000 Consolidated net income for the year 464,000 Income assigned to the noncontrolling interest 14,000 Prepare in good form a statement of cash flows for Consolidated Enterprises Inc. using the indirect method of computing cash flows from operations. Direct Method Cash Flow Statement Using the data presented, prepare a statement of cash flows for Consolidated Enterprises Inc. using the direct method of computing cash flows from operating activities