Question - Following are several figures reported for Allister and Barone as of December 31, 2015:
|
|
Allister
|
Barone
|
|
Inventory
|
$550,000
|
$350,000
|
|
Sales
|
1,100,000
|
900,000
|
|
Investment income
|
not given
|
|
|
Cost of goods sold
|
550,000
|
450,000
|
|
Operating expenses
|
255,000
|
325,000
|
Allister acquired 90 percent of Barone in January 2014. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $66,000 that was unrecorded on its accounting records and had a six-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2015, Barone sells inventory costing $135,000 to Allister for $190,000. 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 2015:
Amounts
Inventory
Sales
Cost of goods sold
Operating expenses
Net income attributable to Noncontrolling Interest