Bennett acquired 70 percent of Zeigler on June 30, 2014, for $910,000 in cash. Based on Zeigler’s… 1 answer below »

 
   

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Bennett acquired 70 percent of Zeigler on June 30, 2014, for $910,000 in cash. Based on Zeigler’s acquisition-date fair value, only one unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $390,000 at the acquisition date. The 2015 financial statements are as follows:

Bennett sold Zeigler inventory costing $72,000 during the last six months of 2014 for $120,000. At year-end, 30 percent remained. Bennett sells Zeigler inventory costing $200,000 during 2015 for $250,000. At year-end, 20 percent is left. With these facts, determine the consolidated balances for the following: Sales Cost of Goods Sold Operating Expenses Dividend Income Net Income Attributable to Noncontrolling Interest Inventory Noncontrolling Interest in Subsidiary, 12/31/15