Please help me understand the answers I got wrong.

Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $159,000. On that date, the fair value of the noncontrolling interest was $39,750, and Slice reported retained earnings of $50,000 and had $99,000 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: Pizza Slice Corporation Products Company Item Debit Credit Debit Credit Cash & Receivables $ 91,000 $ 83,000 Inventory 276,000 108,000 Land 83,000 83,000 Buildings & Equipment 519,000 162,000 Investment in Slice Products Company 187,740 Cost of Goods Sold 117,000 50,000 Depreciation Expense 25,000 15,000 Inventory Losses 15,000 6,000 Dividends Declared 43,000 17,200 Accumulated Depreciation $ 185,000 $105,000 Accounts Payable 54,000 19,000 Notes Payable 295,520 102,200 Common Stock 287,000 99,000 Retained Earnings 301,000 89,000 Sales 207,000 110,000 Income from Slice Products Company 27,220 $1,356,740 $1,356,740 $524,200 $524,200 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $49,750 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 10year period. 2. There was $12,000 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.) 0 Answer is complete and correct. A 1 Investment in Slice Products Company a 31,200 0 Income from Slice Products Company a 31,200 9 B 2 Cash 0 13,760 0 Investment in Slice Products Company a 13,760 a C 3 Income from Slice Products Company a 3,980 0 Investment in Slice Products Company a 3,980 0 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.) 0 Answer is complete but not entirely correct. Common stock Retained earnings Income from Slice Products Company NCI in NI of Slice Products Company Dividends declared Investment in Slice Products Company NCI in NA of Slice Products Company Depreciation expense Income from Slice Products Company NCI in NI of Slice Products Company Buildings and equipment Accumulated depreciation Investment in Slice Products Company NCI in NA of Slice Products Company Accounts payable 9 _| .N' O 8 9 Cash and receivables c. Prepare a three-part worksheet as of December 31, 20x5. (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.) 6 Answer is complete but not entirely correct. Income Statement Sales $ 207,000 0 110,000 0 $ 317,000 Less: COGS (117,000) 0 (50,000) 0 (167,000) Less: Depreciation expense (25,000) 0 (15,000) 0 4,975 0 (44,975) Less: Inventory losses (15,000) 0 (6,000) 0 (21,000) income from Slice Products Company 27,220 0 31,200 0 3,980 0 0 Consolidated net income $ 77,220 $ 39,000 $ 36,175 $ 3,980 $ 84,025 7,800 o (935) 6 (8,735) $ 43,975 $ 3,045 $ 75,290 NCI in net income Controlling Interest in Net Income $ 77,220 $ 39,000 Statement of Retained Earnings Beginning balance $ 301,000 0 $ 89,000 0 $ 89,000 0 $ 301,000 Net income 77,220 39,000 43,975 3,045 75,290 Less: Dividends declared (43,000) 0 (17,200) 0 17,200 0 (43,000) Ending Balance $ 335,220 $ 110,800 $ 132,975 $ 20,245 $ 333,290 Balance Sheet Cash and receivables $ 91,000 0 83,000 0 162,000 Inventory 276,000 0 108,000 0 384,000 Land 83,000 0 83,000 0 166,000 Buildings and equipment 519,000 0 162,000 0 49,750 0 730,750 Less: Accumulated depreciation (185,000) 0 (105,000) 0 15,725 9 (305,725) investment in Slice Products Company 187,740 0 187,740 0 0 Total Assets $ 971,740 331,000 49,750 $ 215,465 $ 1,137,025 Accounts payable 3; 54,000 0 12,000 0 $ 61,000 Notes payable 295,520 0 102,200 0 397,720 Common stock 287,000 0 99,000 0 99,000 0 287,000 Retained earnings 335,220 110,800 132,975 20,245 333,290 NCI in NA of Slice Products Company 48,765 Q 48,765 Total Liabilities and Equity 971,740 331,000 243,975 1,127,775