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:Year Cost Transfer Price Remaining at Year-End$20,000 (at transfer price) 30,000 (at transfer price) 40,000 (at transfer price) On January 1, 2010, Anchovy sold Yelton a building for $50,000 that had originally cost $70,000 but had only a $30,000 book value at the date of transfer. The building is estimated to have a five year 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: Anchovy Yelton Sales0,000 $500,000 Cost of goods sold 400,000 260,000 Operating expenses 120,000 80,000 Investment income Not given 0 Inventory 220,000 80,000 Equipment (net) 140,000 110,000 Buildings (net) 350,000 190,000 Required:Determine consolidated totals for each of these account balances. (Leave no cells blank – be certain to enter “0” wherever required. Input all amounts as positive values. Omit the “$” sign in your response.) Totals Sales$ Cost of Goods Sold$ Operating Expenses$ Investment Income$ Inventory$ Equipment (net)$ Buildings (net)$

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