Prepare the indirect cash flow statement. Use the case information and financial data in the Option 2 template file (linked under this assignment in Module 8). Complete the template, which will help you organize your responses. Also, address any instructor feedback provided in the milestone submissions using Excels comments function. Any written comments must be formatted according to the CSU-Global Guide to Writing & APA. (Links to an external site.)Links to an external site.

Portfolio Project Option#2 Push Corporation and Subsidiaries Consolidated Statement of Cash Flows For the Year Ended December 31, 20x7 (Indirect Method) Additional Information Information for Cash Flow Statement completion Push Corporation has 100% control of Summer Corporation on 01/02/20 Push Corporation has $195,000 Consolidated Income for 20x7 Push Corporation pays a $10,000 Dividend to stockholders. Summer Corporation reports income of $100,000 and pays Dividend of $50,000 in 20x7. Push Corporation sells land that it purchased in 20X1 for $50,000 to nonaffiliated for $100,000. Summer Corporation purchases additional equipment for 200,000 at end of 20x7 Push Consolidated Income Statement 12/31/20x7 12/31/20x7 950,000 Gain on Sale of Land Loss on Sale of Equipment G Parent, Push Corporation purchases Additional Equipment for $150,000 on June 01, 20x7. Common Stock of $10.00 par was issued with 10,000 shares for $100,000 value on Mar, 01 20x7. Long Term Bonds were retired at fair market value with cash on Jan 15, 20x7, $150,000. Land with a book value of $25,000 was sold for $20,000, a loss of $5,000. Increase in Cash and Increase or decrease in cash balance. Done after all entries performed. Account Receivable increased $100,000. Inventory increased $100,000. Increase in Accts Payable $100,000. Depreciation Expense Other Expenses Total expenses 100,000 200,000 800,000 Consolidated Income Parent's Equity income from Subsidiary Subsidiary Net Income 20x6 Consolidated Net Income O. Accumulated Depreciation increased $100,000 Goodwill did not change in year Paid In Capital did not change in year 100,000 195,000 B. Retained Earnings Statement Note: No ItemJeionally omitted Parent's beginning R.E from operations Parent's Dividend to stockholders Consolidated Retained Earnings Push Corporation Balance Sheet Dates 12/31/20x6 Cash Acct Rec Inventories Land Land Buildings and Equipment Goodwill 150,000 200,000 150,000 25,000 100,000 500,000 100,000 Total Debits 1,225,000 Acc Depreciation Accts Payable Bonds Payable Common Stock Paid in Capital Retained Earnings 200,000 50,000 150,000 200,000 125,000 500,000 1,225,000 Push Corporation has 100% control of Summer Corporation on 01/02/20x7 Push Corporation has $195,000 Consolidated Income for 20x7 Push Corporation pays a $10,000 Dividend to stockholders. Summer Corporation reports income of $100,000 and pays Dividend of $50,000 in 20x7 Push Corporation sells land that it purchased in 20x7 for $50,000 to nonaffiliated for $100,000 Push Corporation purchases additional equipment for 200,000 at the end of 20x7. Parent, Push Corporation purchases Additional Equipment for $150,000 on June 01, 20x7 Common Stock of $10.00 par was issued with 10,000 shares for $100,000 value on Mar, 01 20x7 Long Term Bonds were retired at fair market value with cash on Jan 15, 20x7, $150,000 Land with a book value of $25,000 was sold for $20,000, a loss of $5,000 Increase in Cash and Increase or decrease in cash balance. Done after all entries performed Account Receivable increased $100,000 Inventory increased $100,000 Increase in Accts Payable $100,000 Accumulated Depreciation increased $100,000 Goodwill did not change in year Paid In Capital did not change in year E. K. L. Note: No Item J-intentionally omitted Entries to Perform: Entries to Perform: No entry required for cash flow statement. Assumption is $100,000 Goodwill is after Eliminating Entry for Consolidation Consolidated Income on Retained Earnings C. R.E Dividend No entry required for cash flow statement. In Consolidation process, intercompany transactions are removed E. Increase in Cash Land Gain on Sale of land Land Additional Equipment Acquisition of Equipment G. Additional Equipment Acquisition of Equipment H.Increase in cash flow financing Common Stock H. Increase in cash flow financing Common Stock Long Term Bonds Increase in financing retirement Increase in financing Loss on Sales of Land and Land K. Equipment L. Cash at end of cash flow process calculation Increase in cash Increase in Acct Rec Acct Rec N. Increase in Investment increase in inventory O. Increase in Accts payable Accounts Payable Consolidated Statement of Cash Flows For the Year Ended December 31, 20x7 (Indirect Method) Cash Flows from Operating Activities Consolidated Net Income Noncash expenses, revenues,losses and gains included in income: Depreciation Gain on sale of Land Loss on sale of land Changes in Operating Assets and Liabilities Increase in Acct Recievable Increase in Inventory increase in accts payable Net Cash provided by Operating Activities Cash Flows from Investing Activities Acquistion of Equipment Sale of Land Sale of Land B. Net Cash used in Investing Activitie:s Cash Flows from Financing Activities Dividends Paid Cash paid for Bond Retirement Cash received for Stock Issuance Net Cash used in Financing Activities Net Increase in Cash Cash at the beginning of the Year Cash at the end of the Year