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Pierce Company acquired a 90% interest in Sanders Company on January 1, 2019, for $1,480,000. At this time, Sanders Company’s common stock and retained earnings balances were $1,000,000 and $500,000, respectively. An examination of the books of Sanders on the date of purchase revealed the following:
Book Value Fair Value Current Assets Marketable Securities $300,000 200,000 $300,000 Inventory Plant and Equipment (net)
Sanders Company’s equipment has a remaining life of 10 years. Eighty percent of the inventory was sold in 2019, the remainder in 2020.
During 2019, Pierce Company sold merchandise costing $400,000 to Sanders at a 25% markup on cost, and Sanders sold merchandise to Pierce Company for $100,000 (this price included $25,000 in profit). In 2020, Pierce Company sold merchandise to Sanders Company for $350,000, while Sanders Company sold merchandise to Pierce Company for $80,000. The 2019 markup percentages were also used on the 2020 sales.
The selling price of intercompany merchandise remaining in ending inventories for both years is summarized here:
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