Question

Consolidated Statement of Cash Flows
Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2012 and 2011 and other relevant information are presented below:

SUNNY VALLEY RESORT AND SUBSIDIARY Condensed Consolidated Balance Sheets December 31
(in thousands)	2012	2011
Assets
Cash	$960,000	$1,120,000
Other current assets	2,240,000	1,600,000
Plant assets	6,400,000	6,720,000
Accumulated depreciation	(2,400,000)	(2,560,000)
Goodwill	480,000	528,000
Total assets	$7,680,000	$7,408,000
Liabilities and Shareholders' Equity
Current liabilities	$2,051,200	$2,480,000
Noncurrent liabilities	2,880,000	2,720,000
Shareholders' equity—controlling interest	2,288,000	1,760,000
Noncontrolling interest	460,800	448,000
Total liabilities and shareholders' equity	$7,680,000	$7,408,000

Additional information for 2012 (in thousands):

1. Consolidated net income to the controlling interest is $640,000.
2. Mountain Lodging reported net income of $192,000 on its own books, and paid $128,000 in dividends.
3. Consolidated depreciation expense was $560,000.
4. Plant assets with an original cost of $800,000 were retired from service and scrapped. Goodwill was impaired by $48,000.
5. Sunny Valley paid $112,000 in dividends.

Prepare a consolidated statement of cash flows for 2012.

Use negative signs with your answers, when appropriate.

Sunny Valley Resort and Subsidiary Consolidated Statement of Cash Flows For the year 2012
(in thousands)
Cash from operating activities
Consolidated net income		$Answer
Add (subtract) items not affecting cash:
Depreciation expense	$Answer
Goodwill impairment loss	Answer
Loss on retirement of plant assets	Answer	Answer
Changes in current assets and liabilities:
Increase in other current assets	Answer
Decrease in current liabilities	Answer	Answer
Net cash from operating activities		Answer
Cash from investing activities
Acquisition of plant assets		Answer
Cash from financing activities
Increase in noncurrent liabilities	Answer
Dividends paid to controlling shareholders	Answer
Dividends paid to noncontrolling shareholders	Answer	Answer
Net change in cash		Answer
Plus cash balance, January 1		Answer
Cash balance, December 31		$Answer

Answer 1