Reference no: EM132557674
The following information was derived from the 2018 consolidated financial statements of X Inc., which owns 80% of Y Inc.
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 - outside party $10,000
Carrying value of machinery sold $60,000
Dividends received from Y Inc. $9,000
Purchase of a building for cash $400,000
Goodwill impairment loss $5,000
Consolidated net income allocated to Parent and non-controlling interest $955,000
Dividends paid by X Inc. $40,000
Dividends paid by Y Inc. $12,000
The cash balance at the start of 2018 was $200,000.
Required:
Question 1: Prepare the consolidated statement of cash flows (Operating Activities only) for the year ended December 31, 2018.
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