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

Exercise 27

Compute the balances in problem 28 again, assuming that all intra-entity transfers were made from Zeigler to Bennett.
Problem 28:
Bennett acquired 70 percent of Zeigler on June 30, 2010, for $910,000 in cash.Based on Zeigler's acquisition-date fair value, an unrecorded intangible of $400,000 was recognized and is being amortized at the rate of $10,000 per year.The noncontrolling interest fair value was assessed at $390,000 at the acquisition date.The 2011 financial statements are as follows:
Bennett sold Zeigler inventory costing $72,000 during the last six months of 2010 for $120,000.At year-end, 30 percent remained.Bennett sells Zeigler inventory costing $200,000 during 2011 for $250,000.At year-end, 20 percent is left.With these facts, determine the consolidated balances for the accounts:
Sales
Cost of Goods Sold
Operating Expenses
Dividend Income
Noncontrolling Interest in Consolidated Income
Inventory
Noncontrolling Interest in Subsidiary, 12/31/11