Business, 13.03.2020 04:57, lclaudettecarte3550
Allison Corporation acquired 90 percent of Bretton on January 1, 2016. Of Bretton's total acquisition-date fair value, $60,000 was allocated to undervalued equipment (with a 10-year remaining life) and $80,000 was attributed to franchises (to be written off over a 20-year period). Since the takeover, Bretton has transferred inventory to its parent as follows:
Year Cost Transfer Price Remaining at Year-End
2016 $45,000 $90,000 $30,000 (at transfer price)
2017 48,000 80,000 35,000 (at transfer price)
2018 69,000 92,000 50,000 (at transfer price)
On January 1, 2017, Allison sold Bretton a building for $50,000 that had originally cost $70,000 but had only a $30,000 book value at the date of transfer. The building is estimated to have a five-year remaining life (straight-line depreciation is used with no salvage value).
Selected figures from the December 31, 2018, trial balances of these two companies are as follows:
Allison Bretton
Sales $700,000 $400,000
Cost of goods sold 440,000 220,000
Operating expenses 120,000 80,000
Investment income Not given 0
Inventory 210,000 90,000
Equipment (net) 140,000 110,000
Buildings (net) 350,000 190,000
Determine consolidated totals for each of these account balances.
Answers: 3
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Allison Corporation acquired 90 percent of Bretton on January 1, 2016. Of Bretton's total acquisitio...
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