The following are several figures reported for Poyer and Sutter as of December 31, 2024: Poyer acquired
Question:
The following are several figures reported for Poyer and Sutter as of December 31, 2024:
Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary’s fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $78,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Sutter’s book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $130,000 to Poyer for $180,000. Of this amount, 10 percent remains unsold in Poyer’s warehouse at year-end. Determine balances for the following items that would appear on Poyer’s consolidated financial statements for 2024:
a. Inventory
b. Sales
c. Cost of Goods Sold
d. Operating Expenses
e. Net Income Attributable to Noncontrolling Interest
Transcribed Image Text:
Inventory
Sales ....
Investment income
Cost of goods sold
Operating expenses
Poyer
$500,000
1,000,000
not given
500,000
230,000
Sutter
$300,000
800,000
400,000
300,000
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a Inventory 795000 add the two book values and subtract the ending intraenti...View the full answer
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