Question
Following are several figures reported for Allister and Barone as of December 31, 2015: Allister Barone Inventory $ 630,000 $ 430,000 Sales 1,260,000 1,060,000 Investment
Following are several figures reported for Allister and Barone as of December 31, 2015: |
Allister | Barone | |||
Inventory | $ | 630,000 | $ | 430,000 |
Sales | 1,260,000 | 1,060,000 | ||
Investment income | not given | |||
Cost of goods sold | 630,000 | 530,000 | ||
Operating expenses | 295,000 | 365,000 | ||
|
Allister acquired 80 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 $82,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barones book value was attributed to goodwill. During 2015, Barone sells inventory costing $143,000 to Allister for $206,000. Of this amount, 15 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: 1. Inventory 2. Cost of Goods Sold 3. Net income attributable to Noncontrolling Interest |
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