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 Increase in accounts payable Increase in inventory Increase in bonds payable Equipment purchased Common stock repurchased Depreciation reported for current period Gain recorded on sale of equipment Book value of equipment sold Goodwill impairment loss Sales Cost of goods sold Dividends paid by parent Dividends paid by subsidiary Consolidated net income for the year Income assigned to the noncontrolling interest $ 21,000 6,000 15,000 124,000 385,000 33,000 72,000 11,000 31,000 1,000 940,000 364,000 55,000 36,000 456,000 12,000 Required: Prepare a statement of cash flows for Consolidated Enterprises Inc. using the indirect method of computing cash flows from operations. (Negative amounts and amounts to be deducted should be indicated with a minus sign.) Required: Prepare a statement of cash flows for Consolidated Enterprises Inc. using the indirect method of computing cash flows from operations. (Negative amounts and amounts to be deducted should be indicated with a minus sign.) Answer is not complete. CONSOLIDATED ENTERPRISES INC. AND SUBSIDIARY Consolidated Statement of Cash Flows For the Year Ended December 31, 20X3 Cash Flows from Operating Activities Consolidated net income Adjustments for noncash items: Depreciation expense Gain on sale of equipment Goodwill impairment loss Changes in operating assets and liabilities: Decrease in accounts receivable Increase in accounts payable Increase in inventory 0 Cash Flows from Investing Activities: Equipment purchased Sale of equipment 0 Cash Flows from Financing Activities: Dividends Paid: 0