Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $151,000. On that date, the fair value of the noncontrolling interest was $37,750, and Slice reported retained earnings of $43,000 and had $98,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. Trial balance data for the two companies on December 31, 20X5, are as follows:

	Pizza Corporation						Slice Products Company
Item	Debit			Credit			Debit			Credit
Cash & Receivables	$	83,000					$	84,000
Inventory		271,000						97,000
Land		86,000						86,000
Buildings & Equipment		519,000						163,000
Investment in Slice Products Company		185,820
Cost of Goods Sold		111,000						43,000
Depreciation Expense		23,000						13,000
Inventory Losses		13,000						6,000
Dividends Declared		41,000						19,600
Accumulated Depreciation				$	201,000					$	91,000
Accounts Payable					52,000						17,000
Notes Payable					269,040						113,600
Common Stock					280,000						98,000
Retained Earnings					294,000						88,000
Sales					207,000						104,000
Income from Slice Products Company					29,780
	$	1,332,820		$	1,332,820		$	511,600		$	511,600

Additional Information

1. On the date of combination, the fair value of Slice's depreciable assets was $47,750 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written off over the following 10-year period.
2. There was $10,000 of intercorporate receivables and payables at the end of 20X5.
3. Prepare all journal entries that Pizza recorded during 20X5 related to its investment in Slice.
4. Prepare all consolidation entries needed to prepare consolidated statements for 20X5.
5. Prepare a three-part worksheet as of December 31, 20X5.