1. Putt Company acquired 70 percent ownership of Slice Company on January 1, 20X3 for 158,900 At
that date, the fair value of the noncontrolling interest was $68,100. Slice reported common stock outstanding
of $100,000 and retained earnings of $85,000.
2. On January 1, 20X3, the entire amount of differential is assigned to Goodwill. No impairment of goodwill
was noted for 2008.
3. Accumulated Depreciation on buildings and equipment was $25,000 on the acquisition date.
4. Putt used the fullly adjusted equity method in accounting for its investment in Slice.
5. Inventory transactions are as follows:
a. Slice sold inventory costing $25,500 to Putt for $42,500 in 20X7. Putt resold 80% of the purchase in
20X7 and the remainder in 20X8.
b. Slice sold inventory costing $21,000 to Putt for $35,000 in 20X8. Putt resold 70%of the purchase in 20X8.
c. Putt sold inventory costing $14,000 to Slice for $28,000 in 20X8. Slice resold all but $13,000 of the
purchase in 20X8.
6. Long term asset transactions included the following:
a. Putt sold land that had cost of $21,000 to Slice for $32,000 on January 1, 20X7.
b. On January 1, 20X8, Slice sold to Putt equipment that it had purchased for $100,000 on January 1, 20X6
(2 years earlier). The equipment had a total economic life of 10 years with a salvage value of $10,000. Slice
sold the equipment to Putt for $91,600. Both companies use straight-line depreciation and the life and
salvage value remained unchanged as a result of the transfer.

Can someone help with journal entries, especially with:

Sales

COGS

Inventory

Excel File Edit View Insert Format Tools Data Window Help Q & A Thu Jul 29 8:06 PM AutoSave OFF nev... Project 2 S21 Data and Answers Home Insert Draw Page Layout Formulas Data Review View Developer Tell me A Share W Comments X Arial v 16 AA = V 4 Wrap Text General ' (3 Insert v x Delete Format ch) v Peste B TU 22 3 OA Merge & Center Conditional Format Cell Formatting as Table Styles Sort & Find & Sclcet Sensitivity Analyze Data Filter A31 1 x X fc A D E H 1 . L M N Putt Company Debit Credit 15,850 65,000 30,000 150,000 80.000 315.000 160,580 Slice Company Debit Credit 58,000 70,000 10,000 180,000 60,000 240,000 4 5 Item 6 Cash 7 Accounts Receivable # Interest Receivable 9 Inventory 10 Land 11 Buildings and Equipment 12 Investment in Slice Co 13 Bond Discount 14 Cost of Goods Sold 15 Depreciation Expense 16 Interest Expense 12 Other Expense 12 Dividends Declared 19 Accumulated Depreciation 20 Accounts Payable 2. Other Payables 22 Bonds Payable 22 Common Stock 24 Additional Paid in Capital 25 Retained Earnings 26 Sales 27 Other Income 2a Gain on sale of Equipment 29 Income from Slice Company 375.000 25,000 24,000 28,000 30,000 15,000 110,000 10,000 33,000 17,000 5,000 120.000 66,880 30,000 250,000 150,000 30.000 165,240 450,000 28,250 60,000 28,000 20,000 300,000 100,000 100,000 190,400 9,600 8,060 1,298,430 $ 30 $ 1,298,430 $ 808,000 $ 808,000 31 Data for Project Joumal Entries Consolidation Entries Consolidation Worksheet + Select destination and press ENTER or chacse Paste + 100% S w P 29 N. tv & Excel File Edit View Insert Format Tools Data Window Help Q & A Thu Jul 29 8:06 PM AutoSave OFF nev... Project 2 S21 Data and Answers Home Insert Draw Page Layout Formulas Data Review View Developer Tell me A Share W Comments X Arial v 16 AA = V 4 Wrap Text General ' (3 Insert v x Delete Format ch) v Peste B TU 22 3 OA Merge & Center Conditional Format Cell Formatting as Table Styles Sort & Find & Sclcet Sensitivity Analyze Data Filter A31 1 x X fc A D E H 1 . L M N Putt Company Debit Credit 15,850 65,000 30,000 150,000 80.000 315.000 160,580 Slice Company Debit Credit 58,000 70,000 10,000 180,000 60,000 240,000 4 5 Item 6 Cash 7 Accounts Receivable # Interest Receivable 9 Inventory 10 Land 11 Buildings and Equipment 12 Investment in Slice Co 13 Bond Discount 14 Cost of Goods Sold 15 Depreciation Expense 16 Interest Expense 12 Other Expense 12 Dividends Declared 19 Accumulated Depreciation 20 Accounts Payable 2. Other Payables 22 Bonds Payable 22 Common Stock 24 Additional Paid in Capital 25 Retained Earnings 26 Sales 27 Other Income 2a Gain on sale of Equipment 29 Income from Slice Company 375.000 25,000 24,000 28,000 30,000 15,000 110,000 10,000 33,000 17,000 5,000 120.000 66,880 30,000 250,000 150,000 30.000 165,240 450,000 28,250 60,000 28,000 20,000 300,000 100,000 100,000 190,400 9,600 8,060 1,298,430 $ 30 $ 1,298,430 $ 808,000 $ 808,000 31 Data for Project Joumal Entries Consolidation Entries Consolidation Worksheet + Select destination and press ENTER or chacse Paste + 100% S w P 29 N. tv &