Use the following data for Problems 11-16: On January 1 , Jarel acquired 80 percent of the outstanding voting stock of Suarez for $260,000 cash consideration. The remaining 20 percent of Suarez had an acquisition-date fair value of $65,000. On January 1 , Suarez possessed equipment (five-year remaining life) that was undervalued on its books by $25,000. Suarez also had developed several secret formulas that Jarel assessed at $50,000. These formulas, although not recorded on Suarez's financial records, were estimated to have a 20 year future life. As of December 31, the financial statements appeared as follows: Included in the preceding statements, Jarel sold inventory costing $80,000 to Suarez for $100,000. Of these goods, Suarez still owns 60 percent on December 31 . 11. What is the total of consolidated revenues? a. $500,000 b. $460,000 c. $420,000 d. $400,000 12. What is the total of consolidated cost of goods sold? a. $140,000 b. $152,000 c. $132,000 d. $145,000 (Chapter 3) 13. What is the total of consolidated expenses? a. $30,000 b. $36,000 c. $37,500 d. $39,000 LLO 55 14. What is the consolidated total of noncontroling interest appearing on the balance sheet? a. $85,500 b. $83,100 c. $87,000 d. $70,500 LO 5-7 15. What is the consolidated total for equipment (net) at December 31 ? a. $735,000 b. $740,000 c. $760,000 d. $765,000 LO 53 16. What is the consolidated total for inventory at December 31 ? a. $240,000 b. $248,000 c. $250,000 d. $260,000