Bolero Company holds 80 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiary’s convertible bonds. The following consolidated financial statements are for 2014 and 2015:
Additional Information for 2015
• The parent issued bonds during the year for cash.
• Amortization of databases amounts to $15,000 per year.
• The parent sold a building with a cost of $80,000 but a $40,000 book value for cash on May 11.
• The subsidiary purchased equipment on July 23 for $205,000 in cash.
• Late in November, the parent issued stock for cash.
• During the year, the subsidiary paid dividends of $10,000. Both parent and subsidiary pay dividends in the same year as declared. Prepare a consolidated statement of cash flows for this business combination for the year ending December 31, 2015. (Use indirect method)
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