In its consolidated cash flow statement for the year ended December 31, 20X2, Plant Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, investing cash outflows of $80,000, and an ending cash balance of $57,000. Plant purchased 70 percent of Stem Company’s common stock on March 12, 20X1, at book value. Stem reported net income of $30,000, paid dividends of $10,000 in 20X2, and is included in Plant’s consolidated statements. Plant paid dividends of $45,000 in 20X2. The indirect method is used in computing cash flow from operations.

 In its consolidated cash flow statement for the year ended December 31, 20X2, Plant Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, investing cash outflows of $80,000, and an ending cash balance of $57,000. Plant purchased 70 percent of Stem Company’s common stock on March 12, 20X1, at book value. Stem reported net income of $30,000, paid dividends of $10,000 in 20X2, and is included in Plant’s consolidated statements. Plant paid dividends of $45,000 in 20X2. The indirect method is used in computing cash flow from operations.

Required:
What was the consolidated cash balance at January 1, 20X2?

What amount was reported as dividends paid in the cash flow from financing activities section of the statement of cash flows?

If the other adjustments to reconcile consolidated net income and cash provided by operations resulted in a $77,000 increase over net income, what amount was reported as consolidated net income for 20X2?

 

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