Question
The following information was derived from the 2017 consolidated financial statements of Lime Inc., which owns 80% of Lemon Inc. as well as 40% of
The following information was derived from the 2017 consolidated financial statements of Lime Inc., which owns 80% of Lemon Inc. as well as 40% of Zinc Inc.:
Equity Earnings from Zinc Inc. | $120,000 |
Decrease in Accounts Payable | $5,000 |
Increase in Accounts Receivable | $10,000 |
Increase in Inventory | $20,000 |
Increase in Bonds Payable | $40,000 |
Depreciation | $20,000 |
Loss on sale of machinery | $10,000 |
Carrying value of machinery sold | $60,000 |
Dividends received from Zinc Inc. | $10,000 |
Purchase of a building for cash | $400,000 |
Goodwill impairment loss | $5,000 |
Entity Net Income allocated to non-controlling interest | $5,000 |
Consolidated net income allocated to Parent | $950,000 |
Dividends paid by Lime Inc. | $40,000 |
Dividends paid by Lemon Inc. | $12,000 |
The cash balance at the start of 2017 was $200,000.
Required:
Prepare the consolidated statement of cash flows for Lime Inc. for the year ended December 31, 2017.
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