Pie Corporation acquired $75$ percent of Slice Company$$s ownership on January $1,20$X$8,$ for $$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 $$92,000.$ The book values and fair values of Slice$$s assets and liabilities were equal, except for Slice$$s buildings and equipment, which were worth $$18,400$ more than book value. Accumulated depreciation on the buildings and equipment was $$24,000$ 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 $31,20$X$8,$ that goodwill from its purchase of Slice shares had been impaired and the correct carrying amount was $$3,400.$ Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders.

Trial balance data for Pie and Slice on December $31,20$X$8,$ are as follows:

Item Pie Corporation Slice Company

Debit Credit Debit Credit

Cash $ $50,500$ $ $26,000$

Accounts Receivable $80,00017,000$

Inventory $100,00030,000$

Land $35,00020,000$

Buildings and Equipment $360,000160,000$

Investment in Slice Company $104,070$

Cost of Goods Sold $121,000106,000$

Wage Expense $37,00022,000$

Depreciation Expense $23,0008,000$

Interest Expense $10,0002,000$

Other Expenses $11,5003,000$

Dividends Declared $38,00017,200$

Accumulated Depreciation $ $126,000$ $ $32,000$

Accounts Payable $39,00015,000$

Wages Payable $16,00011,000$

Notes Payable $207,10076,200$

Common Stock $193,00060,000$

Retained Earnings $95,00032,000$

Sales $270,000185,000$

Income from Slice Company $23,970$

$ $970,070$ $ $970,070$ $ $411,200$ $ $411,200$

Required:

Record all consolidation entries needed to prepare a three$-$part consolidation worksheet as of December $31,20$X$8.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

a$.$ Record the basic consolidation entry.

b$.$Record the amortized excess value reclassification entry.

c$.$Record the excess value $($differential$)$ reclassification entry.

d$.$ Record the optional accumulated depreciation consolidation entry.

Prepare a three$-$part consolidation worksheet for $20$X$8.$

Note: Values in the first two columns $($the "parent" and "subsidiary" balances$)$ that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.