Pizza Corporation acquired 90 percent ownership of Slice Products Company on January 1, 20x1, for $149,000. On that date, the fair value of the noncontrolling Interest was $37.250 and Slice reported retained earnings of $48,000 and had $91,000 of common stock outstanding. Pizza has used the equlty 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 Ite BLE CODE OBLE LEGGE Canh Receivable 17,000 $ 35,000 Inventory 270,000 30,000 Land 13,000 13,000 Building Equipment 30,000 152,900 Investint in sice prochet Company 133,460 Cost of Goode sold 116,000 43,000 Depreciation Expanas 25,000 15,000 Inventory LEROS 15,000 Dividenda Declared 9.900 32,000 Acculated Depreciation $ 187,00D Accounts Payable 57,000 $109,000 Nate Payable 13,000 Common stock 239,440 102,00 292,000 Rutised Ernisqa 11,000 106,000 Sales 11,000 200,000 104,000 Income from Slice Products Company 25,020 $1,308,460 $1,306,460 5900,000 $500,000 == Additional Information 1 On the date of combination, the fair value of Slice's depreciable assets was $47.250 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 20xs. Required: a. Prepare al 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 transactional Journal entry worksheet A > Record basic consolidation entry Note: Enter debita balore credits Accounts Debit Credit Event 1 Record entry Clear entry view consolidation des c. Prepare a three part worksheet as of December 31, 20XS. (Values in the first two columns (the "parent" and "subsidiary balances that are to be deducted should be indicated with a minus sign, while all values in the Consolidation Entries columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PIZZA CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X5 Consolidation Entries Puzza Corp. Slice Products DR CR Co. Consolidated Income Statement Sales LASCOGS Less: Depreciation expense Les Inventory Income from Slice Products Company Candidated net income Ninne income Controlling interest in Net income Statement of Retained Earnings Beginning balance Net income Lesa: Dividends declared Ending Balance Balance Sheet Cash and recevables Inventory Land