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Please show all work Pie Corporation acquired 7 5 percent of Slice Company s ownership on January 1 , 2 0 X 8 , for
Please show all work
Pie Corporation acquired percent of Slice Companys ownership on January X for $ At that date, the fair value of the noncontrolling interest was $ The book value of Slices net assets at acquisition was $ The book values and fair values of Slices assets and liabilities were equal, except for Slices buildings and equipment, which were worth $ more than book value. Accumulated depreciation on the buildings and equipment was $ on the acquisition date. Buildings and equipment are depreciated on a year basis.
Although goodwill is not amortized, the management of Pie concluded at December X that goodwill from its purchase of Slice shares had been impaired and the correct carrying amount was $ Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders. No additional impairment occurred in X Trial balance data for Pie and Slice on December X are as follows:
Required:
A
Record all consolidation entries needed to prepare a threepart consolidation worksheet as of December X
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
B
Prepare a threepart consolidation worksheet for X
Note: 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.
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