Following are several figures reported for Allister and Barone as of December 31, 2018:
Allister | Barone | |||
Inventory | $ | 510,000 | $ | 310,000 |
Sales | 1,020,000 | 820,000 | ||
Investment income | not given | |||
Cost of goods sold | 510,000 | 410,000 | ||
Operating expenses | 235,000 | 305,000 | ||
Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a 5-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $131,000 to Allister for $182,000. Of this amount, 15 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 2018:
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $ 410,000 $ 210,000 Sales 820,000 620,000 Investment income not given Cost of goods sold 410,000 310,000 Operating expenses 185,000 255,000 Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $60,000 that was unrecorded on its accounting records and had a...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $ 490,000 $ 290,000 Sales 980,000 780,000 Investment income not given Cost of goods sold 490,000 390,000 Operating expenses 225,000 295,000 Allister acquired 80 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $76,000 that was unrecorded on its accounting records and had a...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone $420,00 220,000 840,000 640,008 Inventory Sales Investment income Cost of goods sold Operating expenses not given 420,000 320,000 190,00 260,000 Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date Allister noted that Barone had developed a customer list worth $62,000 that was unrecorded on its accounting records and had a 5- year...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $ 640,000 $ 440,000 Sales 1,280,000 1,080,000 Investment income not given Cost of goods sold 640,000 540,000 Operating expenses 300,000 370,000 Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $84,000 that was unrecorded on its accounting records and had a...
Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone $ 540,000 s 340,000 1,080,000 880,000 Inventory Sales Investment income Cost of goods sold Operating expenses not given 540,000 440,000 250,000 320,000 Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $64,000 that was unrecorded on its accounting records and had a...
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 580,000 $ 380,000 Sales 1,160,000 960,000 Investment income not given Cost of goods sold 580,000 480,000 Operating expenses 270,000 340,000 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 $72,000 that was unrecorded on its accounting records and had...
Problem 5-16 (LO 5-2,5-3, 5-5) Following are several figures reported for Allister and Barone as of December 31, 2018: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 480,000 $ 280,000 960,000 760,000 not given 480,000 380,000 220,000 290,000 Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $74,000 that was unrecorded on its...
Problem 5-16 (LO 5-2,5-3, 5-5) Following are several figures reported for Allister and Barone as of December 31, 2018: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 480,000 $ 280,000 960,000 760,000 not given 480,000 380,000 220,000 290,000 Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $74,000 that was unrecorded on its...
On January 1, 2017, Travers Company acquired 90 percent of Yarrow Company's outstanding stock for $945,000 The 10 percent noncontrolling interest had an assessed fair value of $105,000 on that date. Any acquisition-date excess fair value over book value was attributed to an unrecorded customer list developed by Yarrow with a emaining life of 15 years. On the same date, Yarrow acquired an 80 percent interest in Stookey Company for $544,000. At the acquisition date, the 20 percent noncontrolling interest...
The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2018, follow. Gibson acquired a 60 percent interest in Keller on January 1, 2017, in exchange for various considerations totaling $930,000. At the acquisition date, the fair value of the noncontrolling interest was $620,000 and Keller’s book value was $1,240,000. Keller had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $310,000. This intangible...