Following are several figures reported for Allister and Barone as of December 31, 2018:
Allist...
Following are several figures reported for Allister and Barone as of December 31, 2018:
Allister Barone
Inventory $430,000 $230,000
Sales 860,000 660,000
Investment income not given
Cost of goods sold 430,000 330,000
Operating expenses 195,000 265,000
Allister acquired 70 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 $64,000 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 $123,000 to Allister for $166,000. Of this amount, 20 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:
1. Inventory
2. Sales
3. Cost of goods sold
4. Operating expenses
5. Net income attributable to noncontrolling interest
Answers: 2
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