Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $158,000. On that dete, the feir value of the noncontrolling interest was $39.500, end Slice reported retained earnings of $48,000 end hed $100,000 of common stock outstanding. Pizze hes used the equity method in eccounting for its Investment in Slice. Trial belence data for the two companies on December 31, 20X5, are as follows: Pizze Corporation Products Company Debit Credit $ 78,000 100,000 85,000 Debit Credit Cash & Receivables $87,000 Inventory 270,000 Land 85,000 Buildings & Equipment 503,000 155,000 Investment in Slice Products Company 199,200 Cost of Goods Sold 111,000 48,000 Depreciation Expense 20,000 10,000 Inventory Losses 10,000 5,000 01vidends Declared 49,000 17,200 Accumulated Depreciation Accounts Payable $ 189,000 $70,000 60,000 11,000 Notes Payable 242,000 133,200 Common Stock Retained Earnings Sales Income from Slice Products Company $1,324,249 $1,324,248 $506,200 $506,200 291,000 100,000 305,000 10,000 210,000 102,000 27,248 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $49,500 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 $12,000 of intercorporate receivables and payables at the end of 20x5. View traction at View journal entry worksheet No Evert General Journal Debit 1 Investment in Stice Products Company Income from Sic Products Company 2 Cash Investment in Slice Products Compeny 3 Income from Sica Products Company Investment in Slice Products Company Credit C No Evert Accounts Debit A 1 Common stock 100,000 B 2 C 3 Retained earnings Income from Sice Products Company NO in N of Sica Products Company Dividends declared Investment in Slice Products Company NO in NA of Slice Products Company Depreciation expense Income from Sice Products Company NCI in NI of Slice Products Company Buildings and equipment Accumulated depreciation Investment in Stice Products Company NC in NA of Slice Products Company Accounts payable Cash and receivables 90000 Credit