Following are several figures reported for Allister and Barone as of December 31, 2018: Allister 410,000 $ 210,000 Barone Inventory Sales 620,000 820,000 not given 410,000 Investment income Cost of goods sold Operating expenses 310,000 255,000 185,000 Allister acquired 80 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 $60,000 that was unrecorded on its accounting records and had a 4- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, 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 2018: Amounts Inventory Sales Cost of goods sold Operating expenses Net income attributable to noncontrolling interest

On January 2, 2014, Prunce Company acquired 90% of the outstanding common stock of Sun Company for $180,700 cash. Just before the acquisition, the balance sheets of the two companies were as follows:     Prunce   Sun Cash   $282,130   $ 59,040 Accounts receivable (net)   142,020   24,810 Inventory   118,670   53,230 Plant and equipment (net)   395,640   92,960 Land   62,550   29,220    Total asset   $1,001,010   $259,260           Accounts payable   $106,440   $ 50,420 Mortgage payable   67,320   37,660 Common stock, $2 par value   421,400   76,960 Other contributed capital   217,440   21,970 Retained earnings   188,410   72,250    Total equities   $1,001,010   $259,260 The fair values of Sun Company’s assets and liabilities are equal to their book values with the exception of land.             (a)     Your answer is correct.     Prepare a journal entry to record the purchase of Sun Company’s common stock.…

Following are several figures reported for Allister and Barone as of December 31, 2021:   Allister Barone Inventory $   500,000 $300,000 Sales  1,000,000  800,000 Investment income not given    Cost of goods sold 500,000  400,000 Operating expenses 230,000  300,000   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 $78,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone’s book value was attributed to goodwill. During 2021, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister’s warehouse at year-end.   Required: Determine balances for the following items that would appear on Allister’s consolidated financial statements for 2021: Inventory  Sales…

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