Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $147,000. On that date, the fair value of the noncontrolling interest was $36,750, and Slice reported retained earnings of $44,000 and had $93,000 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: Item Cash & Receivables Inventory Land Buildings & Equipment Investment in Slice Products Company Cost of Goods Sold Depreciation Expense Inventory Losses Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Income from Slice Products Company Pizza Slice Corporation Products Company Debit Credit Debit Credit $ 84,000 $ 78,000 262,000 105,000 81,000 81,000 518,000 163,000 177,580 116,000 44,000 22,000 12,000 12,000 5,000 41,000 20,400 $ 188,000 $ 84,000 47,000 12,000 257,920 132,400 288,000 93,000 302,000 83,000 200,000 104,000 30,660 $1,313,580 $1,313,580 $508,400 $508,400 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $46,750 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 $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.) View transaction list Journal entry worksheet