Question
Following are several figures reported for Allister and Barone as of December 31, 2015: Allister Barone Inventory $ 640,000 $ 440,000 Sales 1,280,000 1,080,000 Investment
Following are several figures reported for Allister and Barone as of December 31, 2015: |
Allister | Barone | |||
Inventory | $ | 640,000 | $ | 440,000 |
Sales | 1,280,000 | 1,080,000 | ||
Investment income | not given | |||
Cost of goods sold | 640,000 | 540,000 | ||
Operating expenses | 300,000 | 370,000 | ||
Allister acquired 90 percent of Barone in January 2014. In allocating the newly acquired subsidiarys fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $84,000 that was unrecorded on its accounting records and had a six-year remaining life. Any remaining excess fair value over Barones book value was attributed to goodwill. During 2015, Barone sells inventory costing $144,000 to Allister for $208,000. Of this amount, 20 percent remains unsold in Allisters warehouse at year-end. |
Determine balances for the following items that would appear on Allisters consolidated financial statements for 2015: Inventory Sales Cost of Goods Sold Operating Expenses Net income attributable to noncontrolling interest |
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