A consolidated income statement for 2023 and comparative consolidated balance sheets for 2022 and 2023 for P Company and its 80% owned subsidiary follow:

Other information:
1. Equipment depreciation was $95,000.
2. Equipment was purchased during the year for cash, $545,000.
3. Dividends paid during 2023:
a. Declared and paid by S Company, $40,000.
b. Declared and paid by P Company, $60,000.
4. The bonds payable were issued on December 30, 2023, for $240,000.
5. Common stock issued during 2023, 150,000 shares.

Required:
Prepare a consolidated statement of cash flows for the year ended December 31, 2023, using the indirect method.

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Sales Cost of goods sold Gross margin P COMPANY AND SUBSIDIARY Consolidated Income Statement for the Year Ended December 31, 2023 Expenses Operating income before tax Dividend income Income before tax Income taxes Consolidated net income Less: Noncontrolling interest in consolidated net income Controlling interest in consolidated net income Total assets P COMPANY Consolidated Balance Sheets December 31, 2022 and 2023 2023 Assets Cash Accounts receivable Inventories Equipment (net) Long-term investments Goodwill $ 250,000 360,000 210,000 950,000 800,000 175,000 $2,745,000 $1,900,000 1,000,000 900,000 300,000 600,000 50,000 550,000 220,000 330,000 66,000 $ 264,000 2022 $ 300,000 250,000 190,000 500,000 800,000 175,000 $2,215,000