he following are several figures reported for Allister and Barone as of December 31, 2021: Allister Barone Inventory $ 540,000 $ 340,000 Sales 1,080,000 880,000 Investment income not given Cost of goods sold 540,000 440,000 Operating expenses 250,000 320,000
The following are several figures reported for Allister and Barone as of December 31, 2021:
| Allister | Barone | |||
| Inventory | $ | 540,000 | $ | 340,000 |
| Sales | 1,080,000 | 880,000 | ||
| Investment income | not given | |||
| Cost of goods sold | 540,000 | 440,000 | ||
| Operating expenses | 250,000 | 320,000 | ||
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 $64,000 that was unrecorded on its accounting records and had a five-year remaining life. Any remaining excess fair value over Barone's book value was attributed to
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:
Inventory:________
Financial Accounting Standards Board defines the consolidated financial statements reporting as reporting of an entity structured with a parent company and subsidiaries. consolidated financial statements reflect the financial position of the business itself along with its subsidiary companies, associate companies, and joint ventures.
A consolidated financial statement is inclusive of all the subsidiary companies where the owner has a controlling interest and the subsidiaries which are wholly-owned. It includes all the same elements as the individual financial statement but in consolidated form. These are often used by investors, government agencies, and applying for loans.
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