Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20x8, for $108,000. At that date, the fair value of the noncontrolling interest was $36,000. 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 Slice Company $ 38,000 Accounts Receivable 91,000 21,000 Inventory 65,000 Buildings & Equipment Investment in Slice Company 112,125 Cost of Goods Sold Wage Expense Depreciation Expense Credit Debit Credit Item Cash s Debit 72,500 103,000 31,000 32,000 157,000 Land 351,000 141,000 33,000 23,000 10,000 21,000 39,000 106,000 18,000 8,000 3,000 14,000 29,000 Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Incone from Slice Co. $ 153,000 37,000 8,000 211,250 185,000 132.075 297,000 37,500 $1,061,625 $ 45,000 9.000 5,000 89,000 60,000 48.000 201,000 $1.061.625 $457,000 $457,000 inces Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 5 > Record the amortized excess value reclassification entry. Note: Enter debits before credits. Entry 2 Accounts Debit Credit Record entry Clear entry view consolidation entries Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If no entry required for a transaction/event, select "No journal entry required" in the first account field.) 33.34 points view transaction that 8 01:31:22 Consolidation Worksheet Entries eBook B D Print References Record the excess value (differential) reclassification entry. Note: Enter debits before credits Accounts Debit Credit Entry 3 MC ter 5 Homework 3 Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If no en required for a transaction/event, select "No journal entry required" in the first account field.) 4 view transaction list 01:30:56 Consolidation Worksheet Entries eBook inces Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries 5 > Record the amortized excess value reclassification entry. Note: Enter debits before credits. Entry 2 Accounts Debit Credit Record entry Clear entry view consolidation entries Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If no entry required for a transaction/event, select "No journal entry required" in the first account field.) 33.34 points view transaction that 8 01:31:22 Consolidation Worksheet Entries eBook B D Print References Record the excess value (differential) reclassification entry. Note: Enter debits before credits Accounts Debit Credit Entry 3 MC ter 5 Homework 3 Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If no en required for a transaction/event, select "No journal entry required" in the first account field.) 4 view transaction list 01:30:56 Consolidation Worksheet Entries eBook
