In: Accounting
The following are several figures reported for Allister and Barone as of December 31, 2021:
Allister | Barone | |||
Inventory | $ | 620,000 | $ | 420,000 |
Sales | 1,240,000 | 1,040,000 | ||
Investment income | not given | |||
Cost of goods sold | 620,000 | 520,000 | ||
Operating expenses | 290,000 | 360,000 | ||
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 $80,000 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 $142,000 to Allister for $204,000. 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
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