The following are several figures reported for Allister and Barone as of December 31, 2021 Allister Barone $ 600,000 $ 400,000 1,200,000 1,000,000 not given 600,000 280,000 Inventory Sales Investment income Cost of goods sold i Operating expenses 500,000 350,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date. Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a five- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $140,000 to Allister for $200,000. 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 20211 4 Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Check my works Amounts

The following are several figures reported for Allister and Barone as of December 31, 2021 Allister Barone $ 600,000 $ 400,000 1,200,000 1,000,000 not given 600,000 280,000 Inventory Sales Investment income Cost of goods sold i Operating expenses 500,000 350,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date. Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a five- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $140,000 to Allister for $200,000. 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 20211 4 Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Check my works Amounts

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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Question

The following are several figures reported for Allister and Barone as of December 31, 2021
Allister Barone
$ 600,000 $ 400,000
1,200,000 1,000,000
not given
600,000
280,000
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
500,000
350,000
Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date
Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a five-
year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells
inventory costing $140,000 to Allister for $200,000. 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 2021
4
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to noncontrolling interest
Amounts
***
Check my work
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