Pure Life Corporation has just finished preparing a consolidated balance sheet,income statement,and statement of changes in retained earnings for 20X9.The following items are proposed for inclusion in the consolidated cash flow statement:
Pure Life holds 75 percent of the voting stock of Shane Pharmaceuticals,acquired at book value on June 21,20X6.On the date of the acquisition,the fair value of the noncontrolling interest was equal to 25 percent of the book value of Shane.
-Based on the preceding information,what amount will be reported in the consolidated cash flow statement as net cash provided by operating activities for 20X9?
Definitions:
Internal Control
Approaches and techniques employed by a business to protect the veracity of accounting and financial information, foster answerability, and inhibit dishonesty.
Cash Receipts
Money received by a business from transactions, including sales, loan proceeds, or other cash inflows.
Control Measures
Actions, mechanisms or policies implemented to regulate processes and diminish risks.
Sarbanes-Oxley Act
A United States federal law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures.
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