Question
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 420,000 $ 220,000 Sales 840,000 640,000
The following are several figures reported for Allister and Barone as of December 31, 2021:
Allister | Barone | |||
Inventory | $ | 420,000 | $ | 220,000 |
Sales | 840,000 | 640,000 | ||
Investment income | not given | |||
Cost of goods sold | 420,000 | 320,000 | ||
Operating expenses | 190,000 | 260,000 | ||
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 $62,000 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 $122,000 to Allister for $164,000. Of this amount, 15 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:
Inventory_____
Sales_____
Cost of goods sold_____
Operating expenses_____
Net income attributable to noncontrolling interest_____
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