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2:47 PM Sun Jan 24 89% m AA A ezto.mheducation.com C + B 3-1 Assignment: Less-Than-Wholly-Owned A... M 2-2 Assignment: Less-Than-Wholly-Owned... x M 3-1 Assignment: Less-Than-Wholly-Owned A... Homework Help - Q&A from Online Tutors -... 3-1 Assignment: Less-Than-Wholly-Owned Acquired... i Saved Help Save & Exit Submit Check my work PIZZA CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X5 Consolidation Entries 25 Pizza Corp. Slice Products Co. DR CR Consolidated points Income Statement Sales Less: COGS Book Less: Depreciation expense Less: Inventory losses Income from Slice Products Company Print Consolidated net income NCI in net income Controlling Interest in Net Income References 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 Total Assets Accounts payable Notes payable Common stock Retained earnings NCI in NA of Slice Products Company Total Liabilities and Equity Mc graw Educati2:47 PM Sun Jan 24 89% AA A ezto.mheducation.com C + B 3-1 Assignment: Less-Than-Wholly-Owned A... M 2-2 Assignment: Less-Than-Wholly-Owned... x M 3-1 Assignment: Less-Than-Wholly-Owned A... Homework Help - Q&A from Online Tutors -... 3-1 Assignment: Less-Than-Wholly-Owned Acquired... i Saved Help Save & Exit Submit Check my work 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.) 25 view transaction list points Consolidation Worksheet Entries eBook A B C D Print Record basic consolidation entry. References Note: Enter debits before credits. Event Accounts Debit Credit Record entry Clear entry view consolidation entries c. Prepare a three-part worksheet as of December 31. 20X5. (Values in the first two columns (the "parent" and "subsidiary" Mc graw Educati2:46 PM Sun Jan 24 B ezto.mheducation.com C E] 3-1 Assignment: Less-Than-Wholly-Owned A... a 3-1 Assignment: Less-ThanWho|ly-Owned Acquired... 0 Saved Help Save& Exit Submit 1 Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $148,000 On that date, the fair value of the noncontrolling interest was $37,000, and Slice reported retained earnings of $46,000 and had $92,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. 25 Trial balance data for the two companies on December 31, 20x5, are as follows: points Pizza Slice Corporation Products Company El Item Debit Credit Debit Credit eggk Cash & Receivables $ 84,000 $ 80,000 Inventory 270,000 91,000 Land 39,000 89,000 6 Buildings & Equipment 515,000 157,000 Prim Investment in Slice Products Company 175,600 Cost of Goods Sold 118,000 46,000 Depreciation Expense 22,000 12,000 E Inventory Losses 12,000 6,000 Reyemnces Dividends Declared 49,000 18,000 Accumulated Depreciation $ 197,000 $ 84,000 Accounts Payable 43,000 11,000 Notes Payable 288,360 126,000 Common Stock 280,000 92,000 Retained Earnings 294,000 82,000 Sales 204,000 104,000 Income from Slice Products Company 28,240 $1,334,600 $1,334,600 $499,000 $499,000 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $47,000 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
2.47 PM Sun Jan 24 B eztomheducationcom C E] 3-'l Assignment: Less-ThanWholly-Owned A... E 3-1 Assignment: Less-ThanWho|ly-Owned Acquired... 0 Saved Help Save& Exit Submit 1 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.) 25 Q Journal entry worksheet eBook \"El Prim Record Pizza Corporation.'s 80% share of Slice Wood Company's 20X5 income. Relerences Note: Enter debits before credits. 3. 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.) Mc Next > i'lalw Prev 1 of 2 Education
