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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

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 Noncontrolling Interest

Jul 22 2020 View more View Less

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