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I have more Pictures if needed. Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $154,000. On that date,

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Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $154,000. On that date, the fair value of the noncontrolling interest was $38,500, and Slice reported retained earnings of $45,000 and had $99,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. Trial balance data for the two companies on December 31, 20X5, are as follows: Pizza Slice Corporation Products Company Item Debit Credit Debit Credit Cash & Receivables 85,000 $ 66,000 Inventory 272,000 95.000 Land 90,000 90,000 Buildings & Equipment 514,000 69,000 Investment in Slice Products Company 187,720 Cost of Goods Sold 110,000 15,000 Depreciation Expense 24,000 14,000 Inventory Losses 14,000 5,000 Dividends Declared 43,000 19,600 Accumulated Depreciation 190,000 $ 98,000 Accounts Payable 45,000 12,000 Notes Payable 88,000 99,600 Common Stock 284,000 99,000 Retained Earnings 298,000 89,000 Sales 205,000 106,000 Income from Slice Products Company 29,720 $ 1,339,720 $ 1,339,720 $ 503,600 $ 503,600 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $48,500 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written off over the following 10-year period. 2. There was $13,000 of intercorporate receivables and payables at the end of 20X5. Required: a. Prepare all journal entries that Pizza recorded during 20X5 related to its investment in Slice. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit Investment in Slice Products Company Income from Slice Products Company B 2 Cash Investment in Slice Products Company C 3 Income from Slice Products Company Investment in Slice Products Company O

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