Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pie Corporation acquired 7 5 percent of Slice Company's ownership on January 1 , 2 0 8 , for $ 9 6 , 0 0
Pie Corporation acquired percent of Slice Company's ownership on January for $ At that date, the fair value of the
noncontrolling interest was $ The book value of Slice's net assets at acquisition was $ The book values and fair values
of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $ more than book
value. Accumulated depreciation on the buildings and equipment was $ on the acquisition date. Buildings and equipment are
depreciated on a year basis.
Although goodwill is not amortized, the management of Pie concluded at December X that goodwill from its purchase of Slice
shares had been impaired and the correct carrying amount was $ Goodwill and goodwill impairment were assigned
proportionately to the controlling and noncontrolling shareholders. No additional impairment occurred in
Trial balance data for Pie and Slice on December X are as follows:
Required:
a Record all consolidation entries needed to prepare a threepart consolidation worksheet as of December
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started