Protecto Corporation purchased 90 percent of Strand Company

Protecto Corporation purchased 90 percent of Strand Company’s… Protecto Corporation purchased 90 percent of Strand Company’s outstanding shares on January 1, 20X1, for $32,400 more than book value. At that date, the fair value of the noncontrolling interest was $7,200 more than 10 percent of Strand’s book value. The full amount of the differential is considered related to patents and is being amortized over an eight-year period. In 20X1, Strand purchased a piece of land for $44,000 and later in the year sold it to Protecto for $62,000. Protecto is still holding the land as an investment. During 20X3, Protecto bonds with a value of $125,000 were exchanged for equipment valued at $125,000. On January 1, 20X3, Protecto held inventory purchased previously from Strand for $52,000. During 20X3, Protecto purchased an additional $96,000 of goods from Strand and held $49,000 of this inventory on December 31, 20X3. Strand sells merchandise to the parent at cost plus a 25 percent markup. Strand also purchases inventory items from Protecto. On January 1, 20X3, Strand held inventory it had previously purchased from Protecto for $11,600, and on December 31, 20X3, it held goods it had purchased from Protecto for $5,800 during 20X3. Strand’s total purchases from Protecto in 20X3 were $28,000. Protecto sells inventory to Strand at cost plus a 45 percent markup.  a. Prepare a worksheet for a consolidated statement of cash flows for 20X3 using the indirect method.  b. Prepare a consolidated statement of cash flows for 20X3. (Amounts to be deducted should be indicated with a minus sign.) Image transcription text9 Answer is not complete. Assets Cash 399,000 a $ 33,300 0 $ 55,?00 Accountsreceivable 150,000 0 33,000 0… Show more… Show moreImage transcription textCash Flows from Investing Activities:Purchase ciland Acquisition ei buildingsand equipment from bond … Show more… Show more Image transcription text9 Answer is complete but not entirely correct. Cash Flows fromOperating Activities: Consolidated net income Adjustments fornoncash items: Amortization expense Depreciation … Show more… Show more Accounting Business Financial Accounting ACC 405

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