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Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $93,000. At that date, the fair value of the noncontrolling interest was $31,000. The book value of Slice's net assets at acquisition was $89,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $17,800 more than book value. Accumulated depreciation on the buildings and equipment was $27,000 on the acquisition date. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Pie concluded at December 31, 20X8, that goodwill from its purchase of Slice shares had been impaired and the correct carrying amount was $3,000. Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders. Trial balance data for Pie and Slice on December 31, 20X8, are as follows: Pie Corporation Debit Credit $ 55,500 77,000 97,000 33,000 365,000 Slice Company Debit Credit $ 27,000 18,000 31,000 21,000 154,000 97,215 121,000 36,000 Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in slice Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Slice Company 21,000 8,000 106,000 20,000 9,000 3,000 4,000 9,500 32,000 16,400 $142,000 26,000 8,000 188,700 200,000 102,000 269,000 16,515 $952, 215 $ 36,000 7,000 3,000 94,400 66,000 23,000 180,000 $952,215 $409,400 $409,400 Consolidation Worksheet Entries A B D > Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Common stock 66,000 23,000 Retained earnings Income from Slice Company INCI in NI of Slice Company Dividends declared 16,400 Investment in Slice Company NCI in NA of Slice Company Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the amortized excess value reclassification entry. Note: Enter debits before credits. Entry Accounts Debit Credit 2 Depreciation expense Investment in Slice Company NCI in Nl of Slice Company Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Entry Accounts Debit Credit 3 17,800 Buildings and equipment Goodwill 3,000 Accumulated depreciation Investment in Slice Company NCI in NA of Slice Company Record entry Clear entry view consolidation entries Consolidation Worksheet Entries A B > Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 4 27,000 Accumulated depreciation Buildings and equipment 27,000 Record entry Clear entry view consolidation entries PIE CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X8 Consolidation Entries Pie Corp. Slice Co. DR CR Consolidated Income Statement Sales $ $ $ Less: COGS 269,000 (121,000) (36,000) (21,000) (8,000) (9,500) 180,000 (106,000) (20,000) (9,000) (3,000) (4,000) 449,000 (227,000) (56,000) (30,000) (11,000) (13,500) (14,200) 16,515 113,815 0 113,815 14,200 Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Slice Company Consolidated net income NCI in net income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income 16,515 $ 90,015 $ 38,000 $ 14,200 $ 0 $ $ 90,015 $ 38,000 $ 14,200 $ 0 $ Less: Dividends declared 16,400 (32,000) (32,000) (16,400) (16,400) $ (32,000) (32,000) Ending Balance $ $ 0 $ 16,400 $ Ending Balance $ (32,000) $ (16,400) $ 0 $ 16,400 (32,000) Balance Sheet Cash $ 55,500 $ $ Accounts receivable Inventory 27,000 18,000 31,000 21,000 154,000 (36,000) 77,000 97,000 33,000 365,000 (142,000) 82,500 95,000 128,000 54,000 519,000 (178,000) Land Buildings and equipment Less: Accumulated depreciation Investment in Slice Company Goodwill 3,000 Total Assets $ 485,500 $ 215,000 $ 3,000 $ 0 $ $ $ Accounts payable Wages payable Notes payable 26,000 $ 8,000 188,700 200,000 7,000 3,000 94,400 66,000 3,000 703,500 33,000 11,000 283,100 200,000 Common stock 66,000 Retained earnings NCI in NA of Slice Company Total Liabilities and Equity $ 422,700 $ 170,400 $ 66,000 $ 0 $ 527,100
