Pie Corporation acquired 75 percent of Slice Companys 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 Slices net assets at acquisition was $95,000. The book values and fair values of Slices assets and liabilities were equal, except for Slices buildings and equipment, which were worth $19,000 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 $3,500. 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		$	54,500								$	22,000
Accounts Receivable			90,000									13,000
Inventory			110,000									26,000
Land			34,000									16,000
Buildings & Equipment			368,000									155,000
Investment in Slice Company			100,650
Cost of Goods Sold			120,000									105,000
Wage Expense			39,000									27,000
Depreciation Expense			25,000									10,000
Interest Expense			12,000									4,000
Other Expenses			13,500									5,000
Dividends Declared			30,000									17,400
Accumulated Depreciation						$	126,000								$	40,000
Accounts Payable							31,000									15,000
Wages Payable							16,000									11,000
Notes Payable							252,950									52,400
Common Stock							195,000									60,000
Retained Earnings							97,000									35,000
Sales							261,000									187,000
Income from Slice Company							17,700
		$	996,650			$	996,650				$	400,400			$	400,400

Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Consolidation Worksheet Entries

• Record the basic consolidation entry.

Entry	Accounts	Debit	Credit
1	Common stock
	Retained earnings
	Income from Slice Company
	NCI in NI of Slice Company
	Dividends declared
	Investment in Slice Company
	NCI in NA of Slice Company

• Record the amortized excess value reclassification entry.

Entry	Accounts	Debit	Credit
2	Cash
	Investment in Slice Company

• Record the excess value (differential) reclassification entry.

Entry	Accounts	Debit	Credit
3	Income from Slice Company
	Investment in Slice Company

• Record the optional accumulated depreciation consolidation entry.

Entry	Accounts	Debit	Credit
4	Accumulated depreciation
	Buildings and equipment

b. Prepare a three-part consolidation worksheet for 20X8. (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.)

please help!

Worksheet for Consolidated Financial Statements December 31, 20X8 Consolidation Entries Pie Corp. Slice Co. DR CR Consolidated $ $ 261,000 $ (120,000) (39,000) (25,000) (12,000) (13,500) 187,000 (105,000) (27,000) (10,000) (4,000) (5,000) 448,000 (225,000) (66,000) (35,000) (16,000) (18,500) 17,700 0 0 Income Statement Sales Less: COGS 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 Less: Dividends declared Ending Balance Balance Sheet Cash 17,700 17,700 $ $ 69,200 $ 36,000 $ 0 $ 87,500 0 $ 69,200 $ 36,000 $ 17,700 $ 0 $ 87,500 $ 0 $ 0 $ 0 $ 0 $ 0 $ HA 0 $ 0 $ 0 $ 0 $ 0 Less: Dividends declared Ending Balance Balance Sheet Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Slice Company Goodwill Total Assets Accounts payable Wages payable Notes payable Common stock Retained earnings NCI in NA of Slice Company Total Liabilities and Equity 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0