e following are several figures reported for Poyer and Sutter as Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 400,000 800,000 400,000 180,000 Sutter $ 200,000 600,000 300,000 250,000 yer acquired 70 percent of Sutter in January 2023. In allocating yer noted that Sutter had developed a unpatented technology d a five-year remaining life. Any remaining excess fair value ove uring 2024, Sutter sells inventory costing $120,000 to Poyer for arehouse at year-end.
e following are several figures reported for Poyer and Sutter as Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 400,000 800,000 400,000 180,000 Sutter $ 200,000 600,000 300,000 250,000 yer acquired 70 percent of Sutter in January 2023. In allocating yer noted that Sutter had developed a unpatented technology d a five-year remaining life. Any remaining excess fair value ove uring 2024, Sutter sells inventory costing $120,000 to Poyer for arehouse at year-end.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
Transcribed Image Text:The following are several figures reported for Poyer and Sutter as of December 31, 2024:
Items
Inventory
Sales
Investment income
Cost of goods sold
Operating expenses
Poyer
$ 400,000
800,000
400,000
180,000
Sutter
$ 200,000
600,000
300,000
250,000
Poyer acquired 70 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date,
Poyer noted that Sutter had developed a unpatented technology worth $65,000 that was unrecorded on its accounting records and
had a five-year remaining life. Any remaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark.
During 2024, Sutter sells inventory costing $120,000 to Poyer for $160,000. Of this amount, 20 percent remains unsold in Poyer's
warehouse at year-end.
a. Inventory
b. Sales
c. Cost of goods sold
d. Operating expenses
e. Net income attributable to noncontrolling interest
Required:
Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024:
Note: Input all amounts as positive values.
$
$
Amounts
$
$
592,000
1,240,000
548,000
443,000
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