Home » Anchovy acquired 90 percent of Yelton on January 1, 2009

Anchovy acquired 90 percent of Yelton on January 1, 2009

Anchovy acquired 90 percent of Yelton on January 1, 2009. Of Yelton’s total acquisition-date fair value, $60,000 was allocated to undervalued equipment (with a 10-year life) and $80,000 was attributed to franchises (to be written off over a 20-year period).Since the takeover, Yelton has transferred inventory to its parent as follows:YearCostTransfer PriceRemaining at Year-End2009$20,000$ 50,000$20,000 (at transfer price)201049,00070,00030,000 (at transfer price)201150,000100,00040,000 (at transfer price)On January 1, 2010, Anchovy sold Yelton a building for $50,000 that had originally cost $70,000but had only a $30,000 book value at the date of transfer. The building is estimated to have a fiveyear remaining life (straight-line depreciation is used with no salvage value).Selected figures from the December 31, 2011, trial balances of these two companies are as follows:AnchovyYeltonSales$600,000$500,000Cost of goods sold400,000260,000Operating expenses120,00080,000Investment incomeNot given–0–Inventory220,00080,000Equipment (net)140,000110,000Buildings (net)350,000190,000Determine consolidated totals for each of these account balances.

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