Akron, Inc., owns all outstanding stock of Toledo Corporation. Amortization expense of $15,000 per year for patented technology resulted from the original acquisition. For 2018, the companies had the following account balances:
Akron Toledo
Sales 1,100,000 600,000
Cost of Goods Sold 500,000 400,000
Operating Expense 400,000 220,000
Investments Income Not Given 0
Dividends Declared 80,000 30,000
Intra-entity sales of $320,000 occurred during 2014 and again in 2015.
This merchandise cost $240,000 each year.
Of the total transfers, $70,000 was still held on December 31, 2014, with $50,000 unsold on December 31, 2015.
a. For consolidation purposes, does the direction of the transfers (upstream or downstream) affect the balances to be reported here?
b. Prepare a consolidated income statement for the year ending December 31, 2018.
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