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6 Point Company holds 80 percent ownership of Shoot Company. The consolidated balance sheets as of December 31, 20X3, and December 31, 20X4. are as follows: Dec. 31, 20x3 Dec. 31, 28X4 5 points $ 83,000 210,082 320,000 190,000 850,000 (280,000) 40.000 $1,413,000 $ 181,eee 175, eee 370.000 160,eee 980,000 (325,000) 28,000 $1,569,600 eBook Assets Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Goodwill Total Assets Liabilities and Owners' Equity Accounts Payable Interest Payable Bonds Payable Bond Premium Noncontrolling Interest Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Owners' Equity Reference: $ 52,800 45,000 480,000 18.000 40,888 380,000 70,000 488,000 $1,413,000 $ 74.ee 3e.eee 580, eee 16,eee 44,000 380,000 78,eee 535, eee $1,569, cee The 20/4 consolidated Income statement contained the following amounts: $ 600,00 Sales Cost of Goods Sold Depreciation Expense Interest Expense Loss on Sale of Land Goodwill Impairment Loss Consolidated Net Income Income to Noncontrolling Interest Income to controlling Interest $375,000 45,680 69,00 20.000 12,00 (521,880) $ 79,000 (7,080) $ 72,000 Point acquired Its Investment in Shoot on January 1, 20X2 for $176,000. At that date, the fair value of the noncontrolling Interest was $44.000. and Shoot reported net assets of $150,000. A total of $40,000 of the differential was assigned to goodwill. The remainder of the differential was assigned to equipment with a remaining life of 20 years from the date of combination. Point sold $100,000 of bonds on December 31, 20X4. to assist in generating additional funds. Shoot reported net income of $35,000 for 20X4 and pald dividends of $15,000. Point reported 20X4 equity-method net Income of $80,000 and paid dividends of $25,000. 6 Required: a. Prepare a worksheet to develop a consolidated statement of cash flows for 20X4 using the direct method of computing cash flows from operations. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be Indicated with a minus sign, whlle all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries Into one amount and enter this amount In the debit column of the worksheet. Similarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet.) 5 points eBook POINT COMPANY AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X4 Consolidation Entries Balance Debit Credit 1/1/X4 Print Item Balance 12/31/X4 Assets References Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Goodwill Total Assets Liabilities & Equity Accounts payable Interest payable Bonds payable Bond premium Common stock Additional Paid-in capital Retained earnings Noncontrolling interest Total Liabilities & Equity Total Liabilities & Equity Sales Cost of goods sold Depreciation expense Interest expense Loss on sale of land Goodwill impairment loss Consolidated net income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid for interest on bonds payable Cash Flows from Investing Activities: Sale of land Purchase of buildings and equipment Cash Flows from Financing Activities: Sale of bonds Dividends Paid: To Point shareholders To noncontrolling shareholders Increase in cash 6 b. Prepare a consolidated statement of cash flows for 20x4. (Amounts to be deducted should be Indicated with a minus slgn.) 5 points POINT COMPANY AND SUBSIDIARY Consolidated Statement of Cash Flows Year Ended December 31, 20X4 Cash Flows from Operating Activities: eBook Print Cash Flows from Investing Activities: References Cash Flows from Financing Activities: Dividends Paid: Cash balance at beginning of year Cash balance at end of year