$158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling interest was $68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5-year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Putt Corporation Slice Company Debit Credit Debit Credit Cash $ 15,850 Accounts Receivable $ 58,000 65,000 70,000 Interest & Other Receivables 30,000 10,000 Inventory 150,000 180,000 Land 80,000 60,000 Buildings & Equipment 315,000 240,000 Bond Discount 15,000 Investment in Slice Company 157,630 Cost of Goods Sold Depreciation Expense 375,000 110,000 25,000 10,000 Interest Expense Other Expense Dividends Declared 24,000 33,000 28,000 17,000 30,000 5,000 Equipment Accumulated Depreciation-Buildings and Accounts Payable $ 120,000 $ 60,000 61,000 28,000 Other Payables 30,000 20,000 Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings Sales Other Income Gain on Sale of Equipment Income from Slice Company Total 250,000 300,000 150,000 100,000 30,000 165,240 100,000 450,000 190,400 28,250 9,600 $1,295,480 10,990 $1,295,480 $808,000 $808,000 $21000 to Slice on September 20, 20X4, for $32.000 Slice plans to use Putt sold land it had purchased for $21,000 to Slice on September 20, 20X4, for $32,000. Slice plans to use the land for future plant expansion. On January 1, 20X5, Slice sold equipment to Putt for $91,600 Slice purchased the equipment on January 1, 20X3, for $100,000 and depreciated it on a 10-year basis, including an estimated residual value of $10,000. The residual value and estimated economic life of the equipment remained unchanged as a result of the transfer, and both companies use straight-line depreciation. Assume Putt uses the fully adjusted equity method. c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries < A B C D F Record the amortized excess value reclassification entry. Note Enter debits before credits Event 2 Accounts Debit Credit Record entry Clear entry view consolidation entries c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries < B C D F Record the entry to eliminate the gain on the sale of land. Note: Enter debits before credits. Event Accounts Debit Credit Clear entry view consolidation entries Record entry > 4 c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries C D E Record the entry to eliminate the gain on equipment and to correct the asset's basis. Note: Enter debits before credits, Event 5 Accounts Debit Credit Gain on sale 9,600 Buildings and equipment 8,400 Record entry Clear entry view consolidation entries Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries < B D E F Record the entry to adjust Accumulated Depreciation. Note: Enter debits before credits Event Accounts Debit Credit Record entry Clear entry view consolidation entries