Question

Following are several figures reported for Allister and Barone as of December 31, 2015:


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 $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 2015, 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.
Determine balances for the following items that would appear on Allister’s consolidated financial statements for 2015:
Inventory
Sales
Cost of Goods Sold
Operating Expenses
Net Income Attributable to NoncontrollingInterest


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  • CreatedJanuary 08, 2015
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