Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $178,000. At that date, the fair value of Saver's buildings and equipment was $40,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $7,500. Trial balance data for Price and Saver on December 31, 20X8, are as follows: $ Price Corporation Debit 24,500 Saver Company Item Credit Debit Credit Cash $ 31,000 Accounts Receivable 80,000 17,000 Inventory 100,000 35,000 Land 40,000 25,000 Buildings & Equipment 316,000 160,000 Investment in Saver Company 170,500 Cost of Goods Sold 135,000 120,000 Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable 91,000 32,000 30,000 15,000 17,000 9,000 33,500 30,000 40,000 21,000 $ 150,000 $ 90,000 95,000 26,000 27,000 14,000 Notes Payable Common Stock 160,000 11,000 210,000 60,000 Sales Retained Earnings Income from Saver Company 112,000 40,000 310,000 254,000 13,500 $1,077,500 $1,077,500 $495,000 $495,000 Required: a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries view transaction list Consolidation Worksheet Entries A B D Record the amortized excess value reclassification entry. Note: Enter debits before credits. Event 2 Accounts Debit Credit Record entry Clear entry view consolidation entries view transaction list Consolidation Worksheet Entries A B C D Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. Event 4 Accounts Debit Credit Record entry Clear entry view consolidation entries b. Prepare a three-part consolidation worksheet for 20X8. (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.) PRICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Price Corp. Saver Co. DR CR Consolidated Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Saver Co. Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Net income Less: Dividends declared Ending Balance Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Saver Co. Goodwill Total Assets Liabilities & Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities & Equity