Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $90,000. At that date, the fair value of the noncontrolling interest was $30,000. The book value of Slice's net assets at acquisition was $85,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $17,000 more than book value. Accumulated depreciation on the buildings and equipment was $27,000 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 $3,300. 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: Slice Company Debit Credit $ 27,000 18,000 31,000 21, eee 158,000 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 Company Pie Corporation Debit Credit $ 54,500 84,00 184,000 34,608 356,eee 97,200 117,000 35, eee 24,000 11, eee 12,500 35,000 $132,000 29,000 11,000 218,750 194,000 96,000 265,000 18,450 $964,200 $964,200 102,000 26,000 9,000 3,eee 4,000 15,000 $ 36,000 10,000 6,000 92, eee 60,000 25,000 185,000 $414,000 $414,000 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.) 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.) view transaction list Consolidation Worksheet Entries A B C D Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Del Credit Record entry Clear entry view consolidation entries 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.) PIE CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20x8 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 0 $ 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 Not income Less Dividends declared Ending Balance Balance Sheet Accounts recolvable Inventory Buildings and equipment Less Accumulated depreciation