Putt Corporation acquired 80 percent of Slice Company’s voting common stock on January 1, 20X4, for $138,000. At that date, the fair value of the noncontrolling interest was $34,500. Slice’s balance sheet at the date of acquisition contained the following balances:

At the date of acquisition, the reported book values of Slice’s assets and liabilities approximated fair value.

Required

Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.

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Cash Accounts Receivable Land Building & Equipment Less: Accumulated Depreciation Total Assets SLICE COMPANY Balance Sheet January 1, 20X4 $ 20,000 35,000 90,000 300,000 (85,000) $360,000 $ 35,000 180,000 Accounts Payable Notes Payable Common Stock 100,000 Additional Paid-In Capital 75,000 Retained Earnings (30,000) Total Liabilities & Stockholders' Equity $360,000