Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $153,000. On that date, the fair value of the noncontrolling interest was $38,250, and Slice reported retained earnings of $47,000 and had $96,000 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 $ 89,000 $ 71,000 278,000 101,000 82,000 82,000 505,000 160,000 183, 140 111,000 47,000 24,000 14,000 14,000 5,000 43,000 21,200 $ 198,000 $ 98,000 60,000 10,000 222,800 101,200 299,000 96,000 313,000 86,000 205,000 110,000 31,340 $1,329, 140 $1,329,140 $501,200 $501,200 Additional formation Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $48,250 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.) Journal entry worksheet Record Pizza Corporation.'s 80% share of Slice Wood Company's 20X5 income. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record Pizza Corporation's 80% share of Slice Company's 20X5 dividend. Note: Enter debits before credits. Event General Journal Debit Credit - 2 Record entry Clear entry View general journal Journal entry worksheet