(13,000) (24,000) 11,000 Accounts receivable (net) 418,000 440,000 (22,000) Inventories 595,000 525,000 70,000 Land 385,000 170,0
Consolidated Cash Flow Statement of Pineda Corporation and its subsidiary Swamy Corporation as of December 2019 and 2020:
|
Assets |
2020 |
2019 |
Net Change Incr. (Decr.) |
|
$ |
$ |
$ |
|
|
Cash |
313,000 |
195,000 |
118,000 |
|
Marketable equity securities (at cost) |
175,000 |
175,000 |
|
|
Allowance to reduce marketable equity securities to market |
(13,000) |
(24,000) |
11,000 |
|
Accounts receivable (net) |
418,000 |
440,000 |
(22,000) |
|
Inventories |
595,000 |
525,000 |
70,000 |
|
Land |
385,000 |
170,000 |
215,000 |
|
Plant and equipment |
755,000 |
690,000 |
65,000 |
|
|
(199,000) |
(145,000) |
(54,000) |
|
|
60,000 |
60,000 |
0 |
|
Total Assets |
$2,489,000 |
$2,086,000 |
$403,000 |
|
Liabilities and |
|||
|
Current portion of long-term |
$150,000 |
$150,000 |
$ |
|
Accounts payable and accrued liabilities |
595,000 |
474,000 |
121,000 |
|
Note payable, long term |
300,000 |
450,000 |
(150,000) |
|
|
44,000 |
32,000 |
12,000 |
|
Non-controlling interest in net assets of subsidiary |
179,000 |
161,000 |
18,000 |
|
Common stock |
580,000 |
480,000 |
100,000 |
|
Additional paid-in capital |
303,000 |
180,000 |
123,000 |
|
|
338,000 |
195,000 |
143,000 |
|
|
0 |
(36,000) |
36,000 |
|
Total liabilities and stockholders’ equity |
$2,489,000 |
$2,086,000 |
$403,000 |
Additional information:
- On January 20, 2020, Pineda Incorporated issued 10,000 shared of its common stock for land having a fair value of $215,000.
- On February 5, 2020, Pineda reissued all of its treasury stock for $44,000.
- On May 15, 2020, Pineda repaid a cash dividend of $58,000 on its common stock.
- On August 8, 2020, equipment was purchased for$127,000
- On September 30, 2020, equipment was sold for $40,000. The equipment cost $62,000 and had a book value on that date of sale.
- On December 15, 2020, Swamy Corporation paid dividend of $50,000 on its common stock.
- Deferred income taxes represent timing differences relating to the use of accelerated
depreciation methods for income tax reporting and the straight-line method for financial reporting. - Net income for 2020 was as follows:
Controlling interest in consolidated income $201,000
Swamy Corporation 110,000
- Pineda Incorporated owns 70% Swamy Corporation. There was no change in ownership interest in Swamy during 2019 and 2020. There were no intercompany transactions other than the dividend paid to Pineda by its subsidiary.
Required:
Prepare the statement of cash flows for the Pineda Group using the indirect method and show all workings
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