Pizza Corporation acquired 100 percent of Slice Company on January 1, 20X5, for $350,000. Following are selected account balances from Pizza and Slice Corporation as of December 31, 20X5:

Additional Information:

1. On January 1, 20X5 the fair market value of Slice's assets equaled their book value with the exception of Plant Assets (with an estimated economic life of 6 years) which had a fair market value in excess in Slice's depreciable assets of $33,000.
2. Pizza used the equity method in accounting for its investment in Slice.
3. Detailed analysis of receivables and payablesshowed that Slice owed Pizza $10,000 on December 31, 20X5.

Required:

1). Prepare a three-part consolidation worksheet as of December 31, 20X5.

2). Give all consolidating entries needed to prepare a full set of consolidated financial statements for 20X5.

Pizza Corp. Slice Corp. Item Current Assets Debit Debit Credit Credit S 405,000 500,000 900,000 384,500 375,000 60,000 220,000 80,000 S 110,000 Buildings&Eqe Copyrights Investment in Slice 180,000 ent 400,000 100,000 30,000 100,000 30,000 Cost of Goods Sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Liabilities Common Stock S 360,000 500,000 600,000 600,000 800,000 64,500 S 2,924,500 S 2,924.500 S 60,000 300,000 90,000 200,000 300,000 Retained Earnings Sales Income from Slice S 950,000 S 950,000 Pizza Corp. Slice Corp. Item Current Assets Debit Debit Credit Credit S 405,000 500,000 900,000 384,500 375,000 60,000 220,000 80,000 S 110,000 Buildings&Eqe Copyrights Investment in Slice 180,000 ent 400,000 100,000 30,000 100,000 30,000 Cost of Goods Sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Liabilities Common Stock S 360,000 500,000 600,000 600,000 800,000 64,500 S 2,924,500 S 2,924.500 S 60,000 300,000 90,000 200,000 300,000 Retained Earnings Sales Income from Slice S 950,000 S 950,000