The consolidated workpaper balances of Puh, Inc., and its subsidiary, Sto Corporation, as of December 31 are as follows (in thousands):
1. On January 20, 2011, Puh issued 10,000 shares of its common stock for land having a fair value of $215,000.
2. On February 5, 2011, Puh reissued all of its treasury stock for $44,000.
3. On May 15, 2011, Puh paid a cash dividend of $58,000 on its common stock.
4. On August 8, 2011, equipment was purchased for $127,000.
5. On September 30, 2011, equipment was sold for $40,000. The equipment cost $62,000 and had a carrying amount of $34,000 on the date of sale.
6. On December 15, 2011, Sto Corporation paid a cash dividend of $15,000 on its common stock.
7. Deferred income taxes represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial reporting.
8. Controlling share of net income for 2011 was $198,000. Sto’s net income was $110,000.
9. Puh owns 70 percent of its subsidiary, Sto Corporation. There was no change in the ownership interest in Sto during 2010 and 2011. There were no intercompany transactions other than the dividend paid to Puh by its subsidiary.
REQUIRED: Prepare a consolidated statement of cash flows for Puh and Subsidiary for the year ended December 31, 2011. Use the indirect method.
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