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Following are several figures reported for Allister and Barone as of December 31, 2018: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 480,000 $280,000 960,000 760,000 not given 480,000 380,000 220,000 290,000 Allister acquired 90 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 $74,000 that was unrecorded on its accounting records and had a 5- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $128,000 to Allister for $176,000. 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 2018: Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Amounts

Following are several figures reported for Allister and Barone as of December 31, 2018: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 480,000 $280,000 960,000 760,000 not given 480,000 380,000 220,000 290,000 Allister acquired 90 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 $74,000 that was unrecorded on its accounting records and had a 5- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $128,000 to Allister for $176,000. 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 2018: Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Amounts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Following are several figures reported for Allister and Barone as of December 31, 2018: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 480,000 $280,000 960,000 760,000 not given 480,000 380,000 220,000 290,000 Allister acquired 90 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 $74,000 that was unrecorded on its accounting records and had a 5- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $128,000 to Allister for $176,000. 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 2018: Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Amounts
Transcribed Image Text:Following are several figures reported for Allister and Barone as of December 31, 2018: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 480,000 $280,000 960,000 760,000 not given 480,000 380,000 220,000 290,000 Allister acquired 90 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 $74,000 that was unrecorded on its accounting records and had a 5- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $128,000 to Allister for $176,000. 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 2018: Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Amounts
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