Listen Pea Inc. acquired 75% of Slik Inc.'s outstanding common stock on January 1, 2020 for $96,000. On January 1, 2020, the fair value of the noncontrolling interest (NCI) in Slik was $32,000 and the book value of Slik's net assets was $100,000. The book values and fair values of Slik's assets and liabilities at acquisition were equal except for Slik's buildings, which were worth $20,000 more than book value. Accumulated depreciation on Slik's buildings was $30,000 on January 1, 2020. Buildings are depreciated on a 10-year basis. Pea management determined on December 31, 2020, that goodwill from its purchase of Slik shares had been impaired and the correct amount was $2,500. Goodwill and goodwill impairment were assigned proportionately to Pea and noncontrolling shareholders. Select data from the consolidation worksheet for Pea and Slik as of December 31, 2020, are as follows: Pea Inc. INCOME STATEMENT Depreciation Expense Income from Slik Goodwill Impairment Loss NCI in Net Income of Slik STATEMENT OF RETAINED EARNINGS Beginning Balance Goodwill Common Stock NCI in Net Assets of Slik 25,000 12,375 102,000 54,875 (30,000) 126,875 Net Income Less: Dividends Declared Ending Balance BALANCE SHEET Buildings 350,000 Less: Accumulated Depreciation (145,000) Investment in Slik 96,375 200,000 Slik Inc. 10,000 40,000 24,000 (16,000) 48,000 150.000 (40,000) 60,000 Identify the following statements that are TRUE regarding the Amortized Excess Value Reclassification Entry and the Excess Value (Differential) Reclassification Entry needed in the 2020 consolidation worksheet to consolidate Pea and Slik. The Amortized Excess Value Reclassification Entry includes a debit to Depreciation Expense of $2,000. The Amortized Excess Value Reclassification Entry includes a debit to Goodwill Impairment Loss of $5,500. The Amortized Excess Value Reclassification Entry includes a credit to Income from Slik of $5,625. The Amortized Excess Value Reclassification Entry includes a credit to NCI in Net Income of Slik of $1,875. The Amortized Excess Value Reclassification Entry includes a debit to Retained Earnings of $102,000. The Excess Value (Differential) Reclassification Entry includes a debit to Buildings of $20,000. The Excess Value (Differential) Reclassification Entry includes a debit to Goodwill of $2,500. The Excess Value (Differential) Reclassification Entry includes a credit to Accumulated Depreciation of $2,000. The Excess Value (Differential) Reclassification Entry includes a credit to Investment in Slik of $15,375. The Excess Value (Differential) Reclassification Entry includes a credit to NCI in Net Assets of Slik of $5,125. The Excess Value (Differential) Reclassification Entry includes a credit to Retained Earnings of $48,000. The Excess Value (Differential) Reclassification Entry includes a debit to Common Stock of $200,000.