following are several figures reported for Allister and Barone as of December 31, 2018:     Allister Barone Inventory $ 400,000 $ 200,000 Sales   800,000   600,000 Investment income   not given     Cost of goods sold   400,000   300,000 Operating expenses   180,000   250,000     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 $65,000 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 $120,000 to Allister for $160,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end.   Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:     Inventory____$_____________________ Sales________________________ Cost of Goods_____________ Operating Expenses______________ Net Income Attribute to noncontrolling Interent________________

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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following are several figures reported for Allister and Barone as of December 31, 2018:

 

  Allister Barone
Inventory $ 400,000 $ 200,000
Sales   800,000   600,000
Investment income   not given    
Cost of goods sold   400,000   300,000
Operating expenses   180,000   250,000
 

 

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 $65,000 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 $120,000 to Allister for $160,000. 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:

 

 

Inventory____$_____________________

Sales________________________

Cost of Goods_____________

Operating Expenses______________

Net Income Attribute to noncontrolling Interent________________

 

 

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