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The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 410,000 $ 210,000 820,000 620,000 Inventory Sales Investment income Cost of goods sold Operating expenses not given 410,000 185,000 310,000 255,000 Allister acquired 80 percent of Barone In January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition dat Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells Inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-e Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:

The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 410,000 $ 210,000 820,000 620,000 Inventory Sales Investment income Cost of goods sold Operating expenses not given 410,000 185,000 310,000 255,000 Allister acquired 80 percent of Barone In January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition dat Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells Inventory costing $121,000 to Allister for $162,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-e Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 410,000 $ 210,000 820,000 620,000 Inventory Sales Investment income Cost of goods sold Operating expenses not given 410,000 185,000 310,000 255,000 Allister acquired 80 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 $60,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells Inventory costing $121,000 to Allister for $162,000. Of this amount, 10 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: Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Amounts
Transcribed Image Text:The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone $ 410,000 $ 210,000 820,000 620,000 Inventory Sales Investment income Cost of goods sold Operating expenses not given 410,000 185,000 310,000 255,000 Allister acquired 80 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 $60,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells Inventory costing $121,000 to Allister for $162,000. Of this amount, 10 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: Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest Amounts
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