5 5 points eBook References P5-33 Consolidation Worksheet at End of First Year of Ownership LO 5-2 Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $93,000. At that date, the fall noncontrolling interest was $31,000. The book value of Slice's net assets at acquisition was $90,000. The book values a of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $18,000 more th value. Accumulated depreciation on the buildings and equipment was $27,000 on the acquisition date. Buildings and eq depreciated on a 10-year basis. Although goodwill is not amortized, the management of Pie concluded at December 31, 20X8, that goodwill from its purc shares had been impaired and the correct carrying amount was $2,900. Goodwill and goodwill impairment were assigne proportionately to the controlling and noncontrolling shareholders. Trial balance data for Pie and Slice on December 31, 20X8, are as follows: Item Cash Pie Corporation Debit Credit Slice Company Debit Credit $ 26,000 17,000 30,000 $ 50,500 Accounts Receivable 75,000 Inventory 95,000 Land 49,000 20,000 Buildings & Equipment 365,000 159,000 Investment in Slice Company 99,375 Cost of Goods Sold 121,000 106,000 Wage Expense 38,000 Depreciation Expense 20,000 24,000 9,000 Interest Expense 7,000 3,000 Other Expenses 8,500 4,000 Dividends Declared: 33,000 16,600 Accumulated Depreciation $129,000 Accounts Payable 37,000 $ 36,000 11,000 Wages Payable 12,000 Notes Payable 214,550 Common Stock Retained Earnings Sales Income from Slice Company 192,000 94,000 264,000 18,825 $961,375 $961,375 7,000 84,600 66,000 24,000 186,000 $414,600 $414,600