Ple Corporation acquired 75 percent of Slice Company's ownership on January 1 20XB, for $93,000. At that date, the fair value of the noncontrolling Interest was $31.000. The book value of Slice's not assets at acquisition was $90,000. The book values and four values of Slice's assots and liabilities were equal, except for Slice's buildings and equipment, which were worth $18.000 more than book value. Accumulated depreciation on the buildings and equipment was $27000 on the acquisition date Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, the management of Pie concluded at December 31, 20x8, that goodwill from its purchase of Sice shares had been impaired and the correct carrying amount was $2900 Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders Trial balance data for Pie and Slice on December 31, 20XB, are as follow Corporate It DVD CE Cash CE $4,500 $ 27,000 Accounts Receivable 73.000 10,000 Triventory 93,000 31.00 Land 50,00 21,000 Duildings & Equipment 350,000 166,00 Investment in She Company 106,325 Cost of Goods Sold 121.000 100,00 Wage 41,000 23.000 Depreciation Experise 22.000 9.000 Interest Expense 0.000 . Other Expenses 10,500 4. Dividends Declared 35.00 15.00 Accumulate Depreciation 5142.000 5. 36. Accounts Payable 29.000 6. 7.000 2.000 Wages Payable Notes Payable 200.750 90.000 Con Stock 191.000 let Earnings 267.000 110,000 Sales Income from 51 Company 5958,325 5958,12 543300 TT Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 2008 no entry is required for a transaction/event, select "No journal entry required in the first account field) onsolidation orksheet Entries A B C D Lecord the basic consolidation entry, Enter debits before credits. Accounts Debit Credit Entry 1 Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Entry Accounts Debit Credit 3 Record entry Clear entry View consolidation entries Consolidation Worksheet Entries Record the optional accumulated depreciation consolidation entry. Note: Enter dabits before credits Entry Accounts Debit Credit Record entry Clear entry view consolidation entries LEH amount in the credit column of the worksheet.) PIE CORPORATION AND SUBSIDIARY Workchottor Contodated and an Dember 11, 2008 Consolidation Entries Fia Corp Co. OR CA Concorded DS as ols ols 015 os os os Income statement Sales LOS COGS LOS: Wigs Deprecation expand Lost DOO Loss Other pontos Los Impairmont Income from Sion Company Considerat come NC inat income Controlling interest in Net Income statement of Retained Emings Beginn Natcom Less.Dividinds doniance Ending Balans Balance Sheet Cash MOTO In Land Buildings and can LAGO in Sion Company Total Accots M WD Con NON si con Tot Lines and Equity
