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E5-17A Consolidation of Subsidiary with Negative Retained Earnings Putt Corporation acquired 80 percent of Slice Company's voting common stock on January 1, 20X4, for $138,000. At that date, the fair value of the noncontrolling interest was $34,500. Slice's balance sheet at the date of acquisition contained the following balances: Page 221 SLICE COMPANY Balance Sheet January 1, 20X4 $ 20,000 Accounts Payable 35,000 Notes Payable 90,000 Common Stock 300,000 Additional Paid-In Capital (85,000) Retained Earnings $360,000 Total Liabilities & Stockholders' Equity Cash Accounts Receivable Land Building & Equipment Less: Accumulated Depreciation $ 35,000 180,000 100,000 75,000 (30,000) $360,000 Total Assets At the date of acquisition, the reported book values of Slice's assets and liabilities approximated fair value. Required Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. E5-17A Consolidation of Subsidiary with Negative Retained Earnings Putt Corporation acquired 80 percent of Slice Company's voting common stock on January 1, 20X4, for $138,000. At that date, the fair value of the noncontrolling interest was $34,500. Slice's balance sheet at the date of acquisition contained the following balances: Page 221 SLICE COMPANY Balance Sheet January 1, 20X4 $ 20,000 Accounts Payable 35,000 Notes Payable 90,000 Common Stock 300,000 Additional Paid-In Capital (85,000) Retained Earnings $360,000 Total Liabilities & Stockholders' Equity Cash Accounts Receivable Land Building & Equipment Less: Accumulated Depreciation $ 35,000 180,000 100,000 75,000 (30,000) $360,000 Total Assets At the date of acquisition, the reported book values of Slice's assets and liabilities approximated fair value. Required Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination