Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $152,000. On that date, the value of the noncontrolling interest was $38,000, and Slice reported retained earnings of $45,000 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 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 86,000 $ 71,000 271,000 107,000 86,000 86,000 513,000 152,000 183,840 114,000 45,000 21,000 11,000 11,000 6,000 50,000 17,200 $ 203,000 $ 77,000 60,000 14,000 260,480 119,200 284,000 97,000 298,000 87,000 203,000 101,000 27,360 $1,335,840 $1,335,840 $495,200 $495,200 Additional Information Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $48,000 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.) Journal entry worksheet Record basic consolidation entry. Note: Enter debits before credits. Accounts Debit Credit Event 1 Consolidation Worksheet Entries B D Record the amortized excess value reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Event 2 Consolidation Worksheet Entries