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 $40,000 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: Item Cash & Receivables Inventory Land Buildings & Equipment Investment in slice Products Company Cost of Goods Sold Depreciation Expense T 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 $ 83,000 $ 80,000 269,000 95,000 90,000 90,000 516,000 170,000 183,660 112,000 40,000 24,000 14,000 14,000 6,000 41,000 18,800 196,000 $ 98,000 41,000 14,000 261,600 116,800 295,000 97,000 309,000 87,000 201,000 101,000 29,060 $1,332,660 $1,332,660 $513,800 $513, 800 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. b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 1 97,000 87,000 32,800 Common stock Retained earnings Income from Slice Products Company NCI in Nl of Slice Products Company Dividends declared Investment in Slice Products Company NCI in NA of Slice Products Company 18,800 Consolidation Worksheet Entries A B D > Record the amortized excess value reclassification entry. Note: Enter debits before credits. Event Accounts Debit Credit 2 Depreciation expense Income from Slice Products Company NCI in NI of Slice Products Company Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Event Accounts Debit Credit 3 Buildings and equipment Accumulated depreciation Investment in Slice Products Company NCI in NA of Slice Products Company Record entry Clear entry view consolidation entries Consolidation Worksheet Entries