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. 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: $ Pie Corporation Debit Credit 70,500 92,000 104,000 56,000 363,000 Slice Company Debit Credit $ 41,000 19,000 29,000 30,000 168,000 Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Slice Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Slice Co. 107,625 143,000 34,000 24,000 11,000 22,000 37,000 111,000 19,000 9,000 3,000 15,000 27,000 $ 153,000 47,000 13,000 188,750 197,000 136,875 297,000 31,500 $1,064, 125 $ 32,000 14,000 6,000 110,000 60,000 48,000 201,000 $1,064, 125 $471,000 $471,000 Required: 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.) view transaction list X 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. Credit 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.) PIE CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X9 Consolidation Entries Pie Corp. Slice Co. DR CR Consolidated 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 Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income 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 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.) PIE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X9 Assets Total Assets Liabilities Stockholders' Equity: Controlling Interest: Total Controlling Interest Total Stockholder's Equity Total Liabilities and Stockholders' Equity PIE CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X9 Total expenses Consolidated net income Income to controlling interest PIE CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X9 Retained Earnings, January 1, 20X9 Income to Controlling Interest, 20X9 Dividends Declared, 20X9 Retained Earnings, December 31, 20X9