Following are several figures reported for Allister and Baroneas of December 31, 2018: Allister...

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Accounting

Following are several figures reported for Allister and Baroneas of December 31, 2018: Allister Barone Inventory $ 520,000 $320,000 Sales 1,040,000 840,000 Investment income not given Cost ofgoods sold 520,000 420,000 Operating expenses 240,000 310,000Allister acquired 80 percent of Barone in January 2017. Inallocating the newly acquired subsidiary's fair value at theacquisition date, Allister noted that Barone had developed acustomer list worth $60,000 that was unrecorded on its accountingrecords and had a 6-year remaining life. Any remaining excess fairvalue over Barone's book value was attributed to goodwill. During2018, Barone sells inventory costing $132,000 to Allister for$184,000. Of this amount, 20 percent remains unsold in Allister'swarehouse at year-end. Determine balances for the following itemsthat would appear on Allister's consolidated financial statementsfor 2018: Amounts Inventory Sales Cost of goods sold Operatingexpenses Net income attributable to noncontrolling interest

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Please hit LIKE button if this helped For any further explanation please put your query in comment will get back to you Working 1 Customer List Amortization 600006 10000 per Year Working 2 IntraEntity Gross Profit 52000 184000132000 Inventory See Answer

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In: AccountingFollowing are several figures reported for Allister and Baroneas of December 31, 2018: Allister Barone...Following are several figures reported for Allister and Baroneas of December 31, 2018: Allister Barone Inventory $ 520,000 $320,000 Sales 1,040,000 840,000 Investment income not given Cost ofgoods sold 520,000 420,000 Operating expenses 240,000 310,000Allister acquired 80 percent of Barone in January 2017. Inallocating the newly acquired subsidiary's fair value at theacquisition date, Allister noted that Barone had developed acustomer list worth $60,000 that was unrecorded on its accountingrecords and had a 6-year remaining life. Any remaining excess fairvalue over Barone's book value was attributed to goodwill. During2018, Barone sells inventory costing $132,000 to Allister for$184,000. Of this amount, 20 percent remains unsold in Allister'swarehouse at year-end. Determine balances for the following itemsthat would appear on Allister's consolidated financial statementsfor 2018: Amounts Inventory Sales Cost of goods sold Operatingexpenses Net income attributable to noncontrolling interest