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 flow 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 Increase in accounts payable $ 22,000 7,000 Increase in inventory 16,000 Increase in bonds payable 127,000 Equipment purchased 384,000 Common stock repurchased 27,000 Depreciation reported for current period 69,000 Goodwill impairment loss. Dividends paid by parent Gain recorded on sale of equipment Book value of equipment sold Sales Cost of goods sold 10,000 30,000 4,000 850,000 330,000 55,000 Dividends paid by subsidiary Consolidated net income for the year Income assigned to the noncontrolling interest 40,000 454,000 14,000 Required: Prepare a statement of cash flows for Consolidated Enterprises Inc. using the Indirect method of computing cash flows from operations. (Amounts to be deducted should be Indicated with a minus sign.) CONSOLIDATED ENTERPRISES INC. AND SUBSIDIARY Consolidated Statement of Cash Flows For the Year Ended December 31, 20X3 Cash Flows from Operating Activities: Adjustments for noncash items: Changes in operating assets and liabilities: < Prev 2 of 9