Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am missing something on b. Prepare a three-part consolidation worksheet for 20X8. Please help as it is showing as answer is not complete. Pie

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

I am missing something on b. Prepare a three-part consolidation worksheet for 20X8. Please help as it is showing as answer is not complete.

Pie Corporation acquired 75 percent of Slice Company's ownership on January 1,208, for $99,000. At that date, the fair value of the noncontrolling interest was $33,000. The book value of Slice's net assets at acquisition was $94,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $18,800 more than book value. Accumulated depreciation on the buildings and equipment was $24,000 on the acquisition date. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Pie concluded at December 31,208, that goodwill from its purchase of Slice shares had been impaired and the correct carrying amount was \$3,200. Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders. Trial balance data for Pie and Slice on December 31,208, are as follows: 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.) b. Prepare a three-part consolidation worksheet for 208. (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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

10th Edition

1119491630, 978-1119491637, 978-0470534793

More Books

Students also viewed these Accounting questions

Question

The outer covering of the brain is covered with..........?

Answered: 1 week ago

Question

The brain system is composed of...........?

Answered: 1 week ago

Question

What connects two hemisphere of the brain?

Answered: 1 week ago

Question

Fluid filled cavity in the brain is called as........?

Answered: 1 week ago

Question

Which part of the brain controls emotions experience?

Answered: 1 week ago