E5 - 17A Consolidation of Subsidiary with Negative Retained Earnings 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: page 221 Cash Accounts Receivable SLICE COMPANY Balance Sheet January 1, 20X4 $ 20,000 Accounts Payable 35,000 Notes Payable 90,000 Common Stock 300,000 Additional Paid-In Capital (85, 000) Retained Earnings $360,000 Total Liabilities & Stockholders' Equity Land $ 35,000 180,000 100,000 75,000 (30,000 $360,000 Building & Equipment Less: Accumulated Depreciation Total Assets At the date of acquisition, the reported book values of Slice's assets and liabilities approximated the value Required Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination