b. Prepare a three-part consolidation worksheet for 20X8. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Entry Accounts Debit Credit A 1 60,000 25,000 Common stock Retained earnings Investment in Slice Company NCI in NA of Slice Company x 63,750 X X 21,250 X B 2 1,700 14.700 X Depreciation expense Goodwill impairment loss Income from Slice Company NCI in Nl of Slice Company OOOO 12.300 X 4,100 C 3 17,000 Buildings and equipment Goodwill Accumulated depreciation Investment in Slice Company NCI in NA of Slice Company OOOOO 2,700 > D 4 27,000 Accumulated depreciation Buildings and equipment 27,000 Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Entry Accounts Debit Credit A 1 60,000 25,000 Common stock Retained earnings Investment in Slice Company NCI in NA of Slice Company x 63,750 X X 21,250 X B 2 1,700 14.700 X Depreciation expense Goodwill impairment loss Income from Slice Company NCI in Nl of Slice Company OOOO 12.300 X 4,100 C 3 17,000 Buildings and equipment Goodwill Accumulated depreciation Investment in Slice Company NCI in NA of Slice Company OOOOO 2,700 > D 4 27,000 Accumulated depreciation Buildings and equipment 27,000 1,700 (25,000) (12,000) (13,500) 0 22,575 84,075 (9,000) (3,000) (4,000) 0 (35,700) (15,000) (17,500) (14,700) 14,700 X 12,300 X 0 47,000 $ $ $ 16.400 $ 12,300 $ Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Slice Company Consolidated net income NCI in net income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Cash 34,875 126,975 0 126.975 1$ 84.075 $ 47,000 $ 16.400 $ 12.300 $ $ 25,000 16,400 102,000$ 84,075 (35,000) 151,075 25,000 $ 47,000 (16,400) 55,600 $ 12,300 16,400 28,700 102,000 126,975 (35,000) 193,975 $ 41,400 $ $ 51,500 $ $ Accounts receivable 74,000 94,000 36,000 364,000 30,000 21,000 34,000 24,000 152,000 Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Slice Company Goodwill 81,500 95,000 128,000 60,000 506,000 10,000 100,275 17,000 27,000 27,000 17,000 X 100,275 0 Total Assets $ 44,000 $ 44,000 $ 980,775 $ 719,775 $ $ 35,000 $ 13,000 $ Accounts payable Wages payable Notes payable Common stock Retained earnings NCI in NA of Slice Company Total Liabilities and Equity 261,000 12,000 8,000 89,400 60,000 55,600 193,700 200,000 151,075 60,000 41,400 47,000 21,000 283,100 200,000 193,975 4,100 749,175 28,700 4,100 % 32,800 $ $ 592.775 $ 225,000 $ 101,400 $
