I need assistance Part B where the yellow is and Part C I cannot find where I am missing data.. please provide how you found the answers.
Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $149,000. On that date, the fair value of the noncontrolling interest was $37,250, and Slice reported retained earnings of $44,000 and had $95,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. 1. On the date of combination, the fair value of Slice's depreciable assets was $47,250 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 $12,000 of intercorporate receivables and payables at the end of 20X5. Trial balance data for the two companies on December 31, 20X5, are as follows: 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.) Answer is complete and correct. No Event Debit Credit . 1 General Journal Investment in Slice Products Company Income from Slice Products Company 39,200 39,200 B 2 20,160 Cash Investment in Slice Products Company OO 20,160 Pizza Slice Corporation Products Company Debit Credit Debit Credit $ 91,000 $ 77,000 279,000 103,000 88,000 88,000 509,000 166,000 181,940 115,000 44,000 21,000 11,000 11,000 5,000 44,000 25,200 $ 186,000 $ 77,000 42,000 16,000 284,520 137,200 288,000 95,000 302,000 85,000 202,000 109,000 35,420 $1,339,940 $1,339,940 $519,200 $519,200 3 Item Cash & Receivables Inventory Land Buildings & Equipment Investment in Slice Products Company Cost of Goods Sold Depreciation Expense Inventory Losses Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Income from Slice Products Company Income from Slice Products Company 3,780 Investment in Slice Products Company 3,780 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $47,250 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 $12,000 of intercorporate receivables and payables at the end of 20X5. b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Event Debit Credit 1 95,000 85,000 Accounts Common stock Retained earnings Income from Slice Products Company NCI in NI of Slice Products Company Dividends declared Investment in Slice Products Company NCI in NA of Slice Products Company OOOOOOO 25.200 B 2 4,725 Depreciation expense Income from Slice Products Company NCI in NI of Slice Products Company 0 3,780 945 3 47,250 Buildings and equipme Accumulated depreciation Investment in Slice Products Company NCI in NA of Slice Products Company OOOO oo D 4 12,000 Accounts payable Cash and receivables 12,000 c. Prepare a three-part worksheet as of December 31, 20X5. (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.) Answer is not complete. PIZZA CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X5 Consolidation Entries Pizza Corp. Slice Products DR CR Co. Consolidated S OOOO $ 202,000 $ (115,000) (21,000) (11,000) 35,420 IS 90,420 $ 109,000 (44,000) (11,000) (5,000) OOOO 4,725 311,000 (159,000) (36,725) (16,000) 35,420 134,695 49,000 S 4,725 S 0 S $ 90,420 $ $ 49,000 $ 4,725 S 0 S 134,695 Income Statement Sales Less. COGS Less. Depreciation expense Less: Inventory losses Income from Slice Products 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 and receivables Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Slice Products Company $ IS S 85,000 4,725 $ 302,000 90,420 (44,000) $ 348,420 85,000 $ S 49,000 (25,200) () 108,800 S 0 25,200 25,200 302,000 134,695 (44,000) 392,695 $ $ 89,725 IS S S $ S 12,000S 77,000 103,000 88,000 166.000 (77,000) OOOOOO $ 91,000 279,000 88,000 509,000 (186,000) 181,940 $ 962,940 $ 42.000 284,520 288,000 348,420 OOOOO 156,000 382,000 176,000 675,000 (263,000) 0 181,940 193,940 $ 0 $ S 1,126,000 $ $ $ s 12.000 IS Total Assets Accounts payable Notes payable Common stock Retained earnings NCI in NA of Slice Products Company Total Liabilities and Equity looo 357 000 16,000 137,200 95,000 108.800 loo 46,000 421,720 288,000 392,695 95,000 89,725 25,200 $ 962 940 $ IS 357 000 $ 196,725 $ 25,200 S S 1,148,415
