Question
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 650,000 $ 450,000 Sales 1,300,000 1,100,000
The following are several figures reported for Allister and Barone as of December 31, 2021:
Allister | Barone | |||
Inventory | $ | 650,000 | $ | 450,000 |
Sales | 1,300,000 | 1,100,000 | ||
Investment income | not given | |||
Cost of goods sold | 650,000 | 550,000 | ||
Operating expenses | 305,000 | 375,000 | ||
Allister acquired 90 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 $86,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $145,000 to Allister for $210,000. Of this amount, 10 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 2021:
\begin{tabular}{|l|l|} \hline & \multicolumn{1}{|c|}{ Amounts } \\ \hline Inventory & \\ \hline Sales & \\ \hline Cost of goods sold & \\ \hline Operating expenses & \\ \hline Net income attributable to noncontrolling interest & \\ \hline \end{tabular}
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