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 est was $30,000. The book value of Slice's net assets at acquisition was $86,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $17,200 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 $2,800. Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders Trial balance data for Ple and Slice on December 31, 20x8, are as follows: Slice Company Debit $ 22,000 13,000 26,000 16.000 157.000 103,000 23.09 10.000 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 fros siice Company Pie Corporation Debit Credit $ 52,500 87.000 107,000 33,000 356,000 95.610 110,000 39,000 25,000 12,000 13,500 39,000 5133.000 42.000 8.000 235.150 187.000 89,000 261,000 17,460 5977,610 5.000 15.00 54a.ee 7.000 3.000 74.100 60.000 26.000 134.000 5394,100 $977,618 $977,610 5394,899 $394,800 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 Record the basic consolidation entry Note: Enter debit before credits Entry Accounts Debit 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 ProCorp Slice ca OR CR Consolidated Income Statement Les COGS Less Wage expense Less Depreciation expense Lost interest expense