E6-10 Prior-Period Unrealized Inventory Profit Lo 6-4 nt of Slice Products Company's stock. On January 1, 20X9, inventory reported by Pie included 28,000 bags of flour purchased from Slice at $18 per bag. By Dec been baked into products and sold to cust ember 31, 20x9, all the beginning inventory purchased from Slice Products had omers by Pie. There were no transactions between Pie and Slice during 20X9. Both Pie Bakery and Slice Products price their sales at cost plus 50 percent markup for profit. Pie reported income from its baking operations of $301,000, and Slice reported net income of $251,000 for 20X9. Required: In 20x8.(0o not round intermediate calcu ao oi the20x9 consolidated income statement for the frour purchased from Slice b. Prepare the consolidation entry or entries required to remove the effects of the unrealized profit in beginning inventory in preparing the consolidation worksheet as of December 31, 20x9. (Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries Record the consolidation entry to remove the effect of unrealized profit in beginning inventory Note: Enter debits before credits. Entry Accounts Debit Credit ces Note: Enter debits before credits Entry Accounts Debit Credit Record entry Clear entry view consolidation entries c. Compute the amounts reported as consolidated net income and income assigned to the controlling interest in the 20X9 consolidated income statement. (Do not round intermediate calculations.) Income assigned to controlling interest K Prev 3 of 9 Next >