Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $117,000. At that date, the fair value of the noncontrolling interest was $39,000. The book value of Slice's net assets at acquisition was $100,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $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. No additional impairment occurred in 20X9. Trial balance data for Pie and Slice on December 31, 20X9, are as follows: Trial balance data for Ple and Slice on December 31, 20X9, are as follows: Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in slice Company Cost of Goods Sold Mage Expense Depreciation Expense Interest Expense other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Mages Payable Notes Payable Common stock Retained Earnings Sales Income from slice Co. Required: Pie Corporation slice Company Debit Credit Debit Credit $ 74,500 $ 33,000 90,000 18,000 102,000 28,000 52,000 354,000 109,125 140,000 35,000 25,000 12,000 3,000 23,000 40,000 16,000 30,000 $ 159,000 41,000 9,000 197,500 196,000 29,000 168,000 111,000 20,000 10,000 $ 32,000 10,000 5,000 102,000 60,000 127,875 48,000 291,000 209,000 $1,056,625 35,250 $1,056,625 $466,000 $466,000 a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (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. Note : = journal entry has been entered b. Prepare a three-part consolidation worksheet for 20X9. (Round your answers to the nearest dollar amount. 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.) Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Income from Slice Company Consolidated net income NCI in net income PIE CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X9 Consolidation Entries Pie Corp. Slice Co. DR CR $ 291,000 $ 209,000 140,000 111,000 Consolidated $ 500,000 251,000 25,000 10,000 35,000 12,000 3,000 15,000 23,000 16,000 39,000 35,250 35,250 0 $ 526,250 $ 349,000 $ 35,250 $ 0 $ 840,000 Controlling Interest in Net Income $ 526,250 $ 349,000 $ 35,250 $ 0 $ 840,000 Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance $ 0 $ 0 $ 0 $ 0 $ 0 Balance Sheet Cash $ 74,500 $ 33,000 Accounts receivable 90,000 18,000 Inventory 102,000 28,000 Land 52,000 29,000 Buildings and equipment Less: Accumulated depreciation Investment in Slice Company 354,000 168,000 159,000 32,000 109,125 $ 107,500 108,000 130,000 81,000 522,000 191,000 109,125 Goodwill Total Assets Accounts payable Wages payable Notes payable Common stock Retained earnings NCI in NA of Slice Company $ 940,625 $ 308,000 $ 0 $ 0 $ 1,248,625 $ 41,000 $ 10,000 $ 51,000 9,000 5,000 14,000 197,000 102,000 196,000 60,000 299,000 256,000 " + 477 000 n 3 n + C00000 c. Prepare a consolidated balance sheet, income statement, and retained earnings statement for 20X9. (Round your answers to the nearest dollar amount. Amounts to be deducted should be indicated with a minus sign.) Assets Total Assets Liabilities PIE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X9 0 $ 0