Consolidated Financial Statement of Cash Flows for Peak and its Subsidiary
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The following information has been taken from the consolidation worksheet of Peak and its 90 percent-owned subsidiary, Valley:
- Peak reports a $12,000 gain on the sale of a building. The building had a book value of 32,000 but was sold for $44,000 cash.
- The noncontrolling interest in Valley's income is reported as $23,000.
- Intercompany inventory transfers of $129,000 occurred during the current period.
- A $30,000 dividend was paid by Valley during the year with $27,000 of this amount going to Peak.
- Amortization of an intangible asset recognized by Peak's purchase was $16,000 for the current period.
- Consolidated accounts payable decreased by $11,000 during the year.
Indicate how each of these events is reflected on a consolidated statement of cash flows.
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Solution Summary
The solution shows the adjustments that must be made to reflect the minority interest in an attached Excel spreadsheet.
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