Question
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $ 490,000 $ 290,000 Sales 980,000 780,000 Investment
Following are several figures reported for Allister and Barone as of December 31, 2018:
Allister | Barone | |||
Inventory | $ | 490,000 | $ | 290,000 |
Sales | 980,000 | 780,000 | ||
Investment income | not given | |||
Cost of goods sold | 490,000 | 390,000 | ||
Operating expenses | 225,000 | 295,000 | ||
Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a 5-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $129,000 to Allister for $178,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:
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