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P Corporation purchased 100 percent of the common stock of Slice Corporation on January 1, 20X2, by issuing 53,000 shares of its $5 par value common stock. The market price of P's shares at the date of issue was $26. Slice reported net assets with a book value of $1,303,000 on that date. The amount paid in excess of the book value of Slice's net assets was attributed to the increased value of patents held by Slice with a remaining useful life of 6 years. Slice reported net income of $72,000, paid dividends of $24,000 in 20X2, reported a net loss of $60,000, and paid dividends of $14,000 in 20X3. Required: Assuming that P Corporation uses the equity method in accounting for its investment in Slice Corporation, prepare all journal entries for p for 20X2 and 20X3. (If no entry is required for a transaction/event, select "Nojournal entry required in the first account field.) View transaction list Journal entry worksheet 1 N. 3 4 5 6 7 Record the purchase of Slice Corporation. Note: Enter debits before credits. Event General Journal Debit Credit (12) P Corporation purchased 100 percent of the common stock of Slice Corporation on January 1, 20X2, by issuing 53,000 shares of its $5 par value common stock. The market price of P's shares at the date of issue was $26. Slice reported net assets with a book value of $1,303,000 on that date. The amount paid in excess of the book value of Slice's net assets was attributed to the increased value of patents held by Slice with a remaining useful life of 6 years. Slice reported net income of $72,000, paid dividends of $24,000 in 20X2, reported a net loss of $60,000, and paid dividends of $14,000 in 20x3. Required: Assuming that P Corporation uses the equity method in accounting for its investment in Slice Corporation, prepare all journal entries for P for 20X2 and 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet