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Need help with below homework problem. P533 Consolidation Worksheet at End of First Year of Ownership 4. L0 5-2 Pie Corporation acquired 75 percent of

Need help with below homework problem.

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P533 Consolidation Worksheet at End of First Year of Ownership 4. L0 5-2 Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $96,000. At that date, the fair value of the noncontrolling interest was $32,000. The book value of Slice's net assets at acquisition was $100,000. Page230 The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $20,000 more than book value. Accumulated depreciation on the buildings and equipment was $30,000 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 $2,500. 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 Slice Company Item Debit Credit Debit Credit Cash $ 47,500 $ 21,000 Accounts Receivable 70,000 12,000 Inventory 90,000 25,000 Land 30,000 15,000 Buildings & Equipment 350,000 150,000 Investment in Slice Company 96,375 Cost of Goods Sold 125,000 110,000 Wage Expense 42,000 27,000 Depreciation Expense 25,000 10,000 Interest Expense 12,000 4,000 Other Expenses 13,500 5,000 Dividends Declared 30,000 16,000 Accumulated Depreciation $145,000 $ 40,000 Accounts Payable 45,000 16,000 Wages Payable 17,000 9,000 Notes Payable 150,000 50,000 Common Stock 200,000 60,000 Retained Earnings 102,000 40,000 Sales 260,000 180,000 Income from Slice Company 12,375 $931,375 $931,375 $395,000 $395,000 Required a. Give all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. 19. Prepare a three-part consolidation worksheet for 20X8 in good form

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