Business, 26.10.2021 23:00, hella33revj

The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone
Inventory $500,000 $300,000
Sales 1,000,000 800,000
Investment income not given
Cost of goods sold 500,000 400,000
Operating expenses 230,000 300,000

Allister acquired 90 percent of Barone in January 2020. 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 four-year remaining life. Any remaining excess fair value over Barone’s book value was attributed to goodwill. During 2021, 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.

Required:
Determine balances for the following items that would appear on Allister’s consolidated financial statements for 2021:

Amount
Inventory
Cost of goods sold
Operating expenses
Net income attributable to non-controlling interest

Answers: 1

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The following are several figures reported for Allister and Barone as of December 31, 2021: Allist...