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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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