10,000 Sales 820,000 620,000 Investment income not given Cost of goods sold 410,000 310,000 Operating expenses 185,000 255,000 Allister acquired 80 percent of Barone in January
Following are several figures reported for Allister and Barone as of December 31, 2018:
| Allister | Barone | |||
| Inventory | $ | 410,000 | $ | 210,000 |
| Sales | 820,000 | 620,000 | ||
| Investment income | not given | |||
| Cost of goods sold | 410,000 | 310,000 | ||
| Operating expenses | 185,000 | 255,000 | ||
Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
