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Sunny Company acquired 8 0 percent ownership of Albert Company's voting shares on January 1 , 2 0 2 with no differential. During 2 0
Sunny Company acquired percent ownership of Albert Company's voting shares on January with no differential.
During Sunny purchased inventory for $ and sold the full amount to Albert Company for $ On December Albert's ending inventory included $ of items
purchased from Sunny. In addition, in Albert purchased inventory for $ and sold the units to Sunny for $ Sunny included $ of its purchase from Albert in ending
inventory on December
For Suni, ported $ income from its operations. Albert reported $ of net income. Assume Sunny uses the fully adjusted equity method.
The following selected account balances are from the individual financial records of these two companies as of December X:
Answer the following questions:
Do not add dollar sign; do not add comma to your amount; round the answer to the whole number
What amount of unrealized inventory profit exists in Albert's inventory at the end of year X
What amount of unrealized inventory profit exists in Sunny's inventory at the end of year X
What is the amount of Income from Albert reported on Sunny's book for year X:
What amount of income will be assigned to the noncontrolling interest in the consolidated income statement?
What amount of sales will be reported in the consolidated income statement?
What amount of cost of goods sold will be reported in the consolidated income statement?
What inventory balance will be reported by the consolidated entity on December X
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