Item$5$

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On June $30,2021,$ Plaster, Inc., paid $$892,000$ for $80$ percent of Stucco Company's outstanding stock. Plaster assessed the acquisition$-$date fair value of the $20$ percent noncontrolling interest at $$223,000.$ At acquisition date, Stucco reported the following book values for its assets and liabilities:

Cash $ $58,300$

Accounts receivable $123,700$

Inventory $198,000$

Land $63,600$

Buildings $171,100$

Equipment $293,000$

Accounts payable $(34,100)$

$($Parentheses indicate credit balances.$)$

On June $30,$ Plaster allocated the excess acquisition$-$date fair value over book value to Stucco's assets as follows:

Equipment $(3-$year remaining life$)$ $ $72,800$

Database $(10-$year remaining life$)168,600$

At the end of $2021,$ the following comparative $(2020$ and $2021)$ balance sheets and consolidated income statement were available:

Plaster, Inc.

December $31,2020$ Consolidated

December $31,2021$

Cash $ $41,100$ $ $232,100$

Accounts receivable $($net$)345,800463,900$

Inventory $396,700687,800$

Land $286,800350,400$

Buildings $($net$)234,100355,200$

Equipment $($net$)1,720,0001,956,500$

Database $0160,170$

Total assets $ $3,024,500$ $ $4,206,070$

Accounts payable $ $76,800$ $ $102,700$

Long$-$term liabilities $384,0001,139,880$

Common stock $1,728,0001,728,000$

Noncontrolling interest $0245,200$

Retained earnings $835,700990,290$

Total liabilities and equities $ $3,024,500$ $ $4,206,070$

PLASTER, INC., AND SUBSIDIARY STUCCO COMPANY

Consolidated Income Statement

For the Year Ended December $31,2021$

Revenues $ $1,166,600$

Cost of goods sold $ $706,500$

Depreciation $179,300$

Database amortization $8,430$

Interest and other expenses $9,500903,730$

Consolidated net income $ $262,870$

Additional Information for $2021$

On December $1,$ Stucco paid a $$50,400$ dividend. During the year, Plaster paid $$76,000$ in dividends.

During the year, Plaster issued $$755,880$ in long$-$term debt at par.

Plaster reported no asset purchases or dispositions other than the acquisition of St

Prepare a $2021$ consolidated statement of cash flows for Plaster and Stucco. Use the indirect method of reporting cash flows from operating activities. $($Negative amounts and amounts to be deducted should be indicated by a minus sign.$)$