Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $154,000. On that date, the fair value of the noncontrolling interest was $38,500, and Slice reported retained earnings of $46,000 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, 2005, are as follows: 5 000 Cash & Rece Inventory Buildings & Equipment Investment in Stic Products Company Cost of Goods Sold Depreciation Expense Inventory Love Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Income from Sice Products Company 100 4.400 8.000 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $48,500 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 $14,000 of intercorporate receivables and payables at the end of 20X5. Required: a. Prepare all journal entries that Pizza recorded during 20x5 related to its investment in Slice. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Journal entry worksheet Record Corpo share office Wood Com 20x5 come b. Prepare all consolidation entries needed to prepare consolidated statements for 2005. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Consolidation Worksheet Entries c. Prepare a three-part worksheet as of December 31, 20X5. (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.) Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $154,000. On that date, the fair value of the noncontrolling interest was $38,500, and Slice reported retained earnings of $46,000 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, 2005, are as follows: 5 000 Cash & Rece Inventory Buildings & Equipment Investment in Stic Products Company Cost of Goods Sold Depreciation Expense Inventory Love Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Income from Sice Products Company 100 4.400 8.000 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $48,500 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 $14,000 of intercorporate receivables and payables at the end of 20X5. Required: a. Prepare all journal entries that Pizza recorded during 20x5 related to its investment in Slice. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Journal entry worksheet Record Corpo share office Wood Com 20x5 come b. Prepare all consolidation entries needed to prepare consolidated statements for 2005. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Consolidation Worksheet Entries c. Prepare a three-part worksheet as of December 31, 20X5. (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.)