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Poyer acquired 90 percent of Sutter In January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark During 2024, Sutter sells Inventory costing $142,000 to Poyer for $204,000. Of this amount, 10 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. a. Inventory b. Sales c. Cost of goods sold d. Operating expenses e. Net income attributable to noncontrolling interest Amounts S S S 1,033,800 2,076,000 670.000

Poyer acquired 90 percent of Sutter In January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark During 2024, Sutter sells Inventory costing $142,000 to Poyer for $204,000. Of this amount, 10 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. a. Inventory b. Sales c. Cost of goods sold d. Operating expenses e. Net income attributable to noncontrolling interest Amounts S S S 1,033,800 2,076,000 670.000

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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The following are several figures reported for Poyer and Sutter as of December 31, 2024: Items Inventory Sales Investment income Cost of goods sold. Operating expenses Poyer $ 620,000 1,240,000 620,000 290,000 a. Inventory b. Sales c. Cost of goods sold Sutter $ 420,000 1,040,000 Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells Inventory costing $142,000 to Poyer for $204,000. Of this amount, 10 percent remains unsold in Poyer's warehouse at year-end. 520,000 360,000 Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. d. Operating expenses e. Net income attributable to noncontrolling interest Amounts $ $ $ 1,033,800 2,076,000 670.000
Transcribed Image Text:The following are several figures reported for Poyer and Sutter as of December 31, 2024: Items Inventory Sales Investment income Cost of goods sold. Operating expenses Poyer $ 620,000 1,240,000 620,000 290,000 a. Inventory b. Sales c. Cost of goods sold Sutter $ 420,000 1,040,000 Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells Inventory costing $142,000 to Poyer for $204,000. Of this amount, 10 percent remains unsold in Poyer's warehouse at year-end. 520,000 360,000 Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values. d. Operating expenses e. Net income attributable to noncontrolling interest Amounts $ $ $ 1,033,800 2,076,000 670.000
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