Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $148,000. On that date. the fair value of the noncontrolling Interest was $37,000, and Slice reported retained earnings of $43.000 and had $95,000 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 Slice Corporation Products Company Iten Debit Credit Debit Credit Cash & Receivables 86, 080 $ 84,090 Inventory 275, 680 94, 809 Land 86,090 Buildings & Equipment 157,090 Investment In Slice Products Company 101,280 Cost of Goods Sold 113,680 43,060 Depreciation Expense 22, 090 12,200 Inventory Losses 12, 089 5,090 Dividends Declared 32,680 22,060 Accumulated Depreciation $ 199,806 $ 84,060 Accounts Payable 60, 206 15, 060 Notes Payable 207,960 119,060 Common Stock 295, 060 95,060 Retained Earnings 309, 806 85. 060 Sales 210, 006 105,060 Income from Slice Products Company 32, 240 $1,313,280 $1, 313, 260 $503,080 $503,080 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $47,000 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 $11,000 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.)Answer is not complete. PIZZA CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X5 Consolidation Entries Pizza Corp. Slice Products Co. DR CR Consolidated Income Statement Sales 5 210,000 105,000 315,000 Less: COGS (113,000)0 (43,000) (156,000) Less: Depreciation expense 22,000) (12,000) 4.700 38,700 Less: Inventory losses (12,000) (5,000) (17,000 Income from Slice Products Company 32.240 36,000 3,740 20) Consolidated net income 95,240 $ 45,000 15 40,700 3,740 103.280 NCI in net income 7.800 Q 980 (6.840 Controlling Interest in Net Income 95,240 45,000 5 48.500 5 4,700 96.440 Statement of Retained Earnings Beginning balance $ 309,000 85,000 0 5 85,000 309,000 Net income 95,240 45,000 48 500 4,700 26.440 Less: Dividends declared 32,000) 22.000) (54,000) Ending Balance $ 372,240 108,000 5 133,500 S 4,700 351,440 Balance Sheet Cash and receivables S 86,000 84,000 170,000 Inventory 275,000 94,000 369,000 Land 88,000 86,000 172,000 Buildings and equipment 608,000 157,000 47.000 710,000 Less: Accumulated depreciation (189,000) 84,000) 24,000 307,000) Investment in Slice Products Company 81,200 181.200 Total Assets 935,200 337,000 5 47,000 S 205,200 1.114,000 Accounts payable 30,000 $ 15,000 75,000 Notes payable 207.960 119,000 826,960 Common stock 295,000 5,000 84,000 Q 306,000 Retained earnings 372.240 108,000 133.500 4,700 351,440 NCI in NA of Slice Products Company Total Liabilities and Equity 835,200 337,000 5 217 500 4,700 1,059,400