Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 35

Following are several figures reported for Preston and Sanchez as of December 31, 2011:
Preston acquired 70 percent of Sanchez in January 2010.In allocating the newly acquired subsidiary's fair value at the acquisition date, Preston noted that Sanchez having developed a customer list worth $65,000 unrecorded on its accounting records and having a five-year remaining life.Any remaining excess fair value over Sanchez's book value was attributed to goodwill.During 2011, Sanchez sells inventory costing $120,000 to Preston for $160,000.Of this amount, 20 percent remains unsold in Preston's warehouse at year-end.For Preston's consolidated reports, determine the following amounts to be reported for the current year.
Inventory
Sales
Cost of Goods Sold
Operating Expenses
Noncontrolling Interest in the Subsidiary's Net Income