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On June 30, 2021, Plaster, Inc

Accounting

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On June 30, 2021, Plaster, Inc., paid $980,000 for 80 percent of Stucco Company's outstanding stock. Plaster assessed the acquisition-date fair value of the 20 percent noncontrolling interest at $245,000. At acquisition date, Stucco reported the following book values for its assets and liabilities:

(Parentheses indicate credit balances.)

On June 30, Plaster allocated the excess acquisition-date fair value over book value to Stucco's assets as follows:

At the end of 2021, the following comparative (2020 and 2021) balance sheets and consolidated income statement were available:

Additional Information for 2021

• On December 1, Stucco paid a $46,400 dividend. During the year, Plaster paid $164,000 in dividends.
• During the year, Plaster issued $910,680 in long-term debt at par.
• Plaster reported no asset purchases or dispositions other than the acquisition of Stucco.

Prepare a 2021 consolidated statement of cash flows for Plaster and Stucco. Use the indirect method of reporting cash flows from operating activities.