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 $44,000 and had $97,000 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	$	88,000					$	73,000
Inventory		263,000						98,000
Land		81,000						81,000
Buildings & Equipment		514,000						167,000
Investment in Slice Products Company		184,220
Cost of Goods Sold		116,000						44,000
Depreciation Expense		21,000						11,000
Inventory Losses		11,000						6,000
Dividends Declared		42,000						19,600
Accumulated Depreciation				$	195,000					$	77,000
Accounts Payable					42,000						17,000
Notes Payable					244,440						118,600
Common Stock					295,000						97,000
Retained Earnings					309,000						87,000
Sales					205,000						103,000
Income from Slice Products Company					29,780
	$	1,320,220		$	1,320,220		$	499,600		$	499,600

Additional Information

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.

There was $11,000 of intercorporate receivables and payables at the end of 20X5.

b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5

Record basic consolidation entry.

Record the amortized excess value reclassification entry.

Record the excess value (differential) reclassification entry.

Record the entry to eliminate the intercompany accounts.