Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following are several figures reported for Allister and Barone as of December 31, 2021 Inventory Sales Investment income Cost of goods sold Operating expenses
The following are several figures reported for Allister and Barone as of December 31, 2021 Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 490,000 $ 290,000 980,000 780,000 not given 490, eee 390,000 225,000 295,000 Allister acquired 80 percent of Barone in January 2020. 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 five year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021. 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. Ant Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021 Answer is complete but not entirely correct. * Inventory Sales Cost of goods sold Operating expenses Net Income attributable to noncontrolling interest Amounts s 775, 100 $ 1,582,000 s 706,900 X S 535 200 S 7.490
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started