Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $99,000. At that date, the fair value of the noncontrolling interest was $33,000. 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: $ Slice Company Debit Credit $ 39,000 20,000 30,000 31,000 153,000 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. Pie Corporation Debit Credit 78,500 94,000 106,000 69,000 359,000 115,875 136,000 31,000 21,000 8,000 19,000 39,000 $ 156,000 48,000 10,000 200,250 113,000 16,000 6,000 3,000 12,000 29,000 $ 39,000 11,000 5,000 82,000 60,000 48,000 207,000 194,000 135,875 291,000 41,250 $1,076,375 $1,076,375 $452,000 $452,000 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.) 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 $ S S 291,000 (136.000) (31.000) (21,000) (8.000 (19,000) 41.250 117.250 207.000 (113,000) (16,000) (6.000) (3.000) (12.000) 498,000 (249,000) (47,000) (27,000) (11,000) (31,000) 41,250 174,250 S S 57,000 $ 0 S 0 S S 117,250 S 57.000 $ 0 $ 0 $ 174.250 S 135,875 S $ 117.250 (39,000) 214.125 48.000 57,000 (29,000) 76,000 183,875 174,250 (68,000) 290,125 $ S S 0 S 0 $ 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 S S S 78,500 94,000 106,000 69,000 39.000 20.000 30,000 31,000 153.000 (39.000) 117,500 114.000 136.000 100,000 512.000 (195,000) 359,000 (156,000) 2.500 2,500 2.500 S 550,500 69 234,000 $ $ 0 S 787,000 $ $ 48,000 10.000 200,250 194,000 214,125 11,000 5,000 82,000 60,000 76,000 59,000 15,000 282,250 194,000 290,125 60.000 $ 666,375 $ 234,000 $ 60,000 $ 0 S 840,375 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 Consolidation Worksheet Entries