ned 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 $42,000 and had $96,000 of common stock outstanding. Pazza has used the equlty method in accounting for its investment in Slice. Trial balance data for the two companies on December 31, 20X5, are as follows: Item Cash & Receivables Inventory Land Buildings & Equipment Investnent in slice Products Company Cost of Goods Sold Depreciation Expense Inventory losses Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Como Stock Retained Earnings Sales Income Fron Suice Products Company Pizza Suice Corporation Products Company Debit Credit Debit Credit $ 38,000 $ 82,00 275,600 102,000 B6,600 86,000 519,080 162, cee 182, 488 115,000 42,000 23,000 13,00 13,000 6,000 31,080 20,400 $ 180,00 $ 91,000 43,000 13,000 256,840 123,400 299,000 96.000 313,000 36.000 26,000 300,000 Bee $1,738,450 $1,234,480 5511 400 $513.400 Additional Information 1. On the date of combination, the fair value of Sice's depreciable assets was $47.000 more than book value. The accumulated depreciation on the 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 $11,000 of tercorporate receivables and payables at the end of 20X5 Required: Preporos journal ones that recorded during 20x5 related to its investment in S. (If no entry is requtred for a transaction/event, select "No journal entry required in the first account feld) Journal entry worksheet Retro 300205 alred epare all journal entries that Pizza recorded during 20x5 related to its investment in Slice saction/event, select "No journal entry required" in the first account field.) View transaction ist Journal entry worksheet a Record Pizza Corporation's 80% share of Slice Company's 20x5 dividend. Event 2 General Journal Debit Credit econdary Celry View Post 51 Son Sated at 20x5 fino entry content to our alty required in the first accountfield saction/event, View transaction et Journal entry worksheet A B Record the amortization of the excess acquisition price. Nontoreits before credits Event General Journal Debit Credit econdary Chaar View journal Pues con dated States of 20X3. If no entry content sect No journal entry taired in the first account fleid b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. (If no entr transaction/event, select "No journal entry required in the first account field.) view transaction at Consolidation Worksheet Entries Record Pizza Corporation's 80% share of Slice Company's 20x5 dividend. Event 2 General Journal Debit Credit econdary Celry View Post 51 Son Sated at 20x5 fino entry content to our alty required in the first accountfield saction/event, View transaction et Journal entry worksheet A B Record the amortization of the excess acquisition price. Nontoreits before credits Event General Journal Debit Credit econdary Chaar View journal Pues con dated States of 20X3. If no entry content sect No journal entry taired in the first account fleid b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. (If no entr transaction/event, select "No journal entry required in the first account field.) view transaction at Consolidation Worksheet Entries
