Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $93,000. At that date, the fair value of the noncontrolling interest was $31,000. The book value of Slice's net assets at acquisition was $92,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $18,400 more than book value. Accumulated depreciation on the buildings and equipment was $24,000 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 $3,500. 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 $ 29,000 20,000 33,000 23,000 160,000 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 71,000 91,000 32,000 366,000 105, 345 123,000 40,000 24,000 11,000 12,500 31,000 $134,000 40,000 15,000 187,550 197,000 99,000 264,000 24,795 $961,345 $961, 345 108,000 22,000 8,000 2,000 3,000 16,600 $ 32,000 14,000 10,000 88,600 60,000 32,000 188,000 $424,600 $424,600 Consolidation Worksheet Entries C D Record the basic consolidation entry. Note: Enter debits before credits. Entry Credit Debit 60,000 32,000 Accounts Common stock Retained earnings Income from Slice Company NCI in Nl of Slice Company Dividends declared Investment in Slice Company NCI in NA of Slice Company 74,600 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries