Airlie acquired 70 of Duncan in January 2013 In allocating the newly acquired subsidiarys fair value at the acquisition date Airlie noted that Duncan had developed a customer list worth 32500 that was unrecorded on its accounting records and had a five year remaining life Any remaining excess value over Duncans book value was attributed to goodwill During 2014 Duncan sells inventory costing 60000 to Airlie for 80000 Of this amount 20 remains unsold in Airlies war

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Inventory 4000002000008000 592000 Sales 800... View the full answer