Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $143,000. At that date, the fair value of Saver's buildings and equipment was $26,000 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 $4,000 Trial balance data for Price and Saver on December 31, 20X8, are as follows: Price Corporation Saver Company Item Debit Credit Debit Credit Cash $ 21,000 $ 24,000 Accounts Receivable 73,000 13,500 Inventory 93,800 28,000 Land 33,000 18,000 Buildings & Equipment 353,000 153,000 Investment in Saver Company 127,900 Cost of Goods Sold 128,000 113,000 Wage Expense 43,500 28,500 Depreciation Expense 26,500 11,500 Interest Expense 13,500 5,500 Other Expenses 19,500 12,500 Dividends Declared 33,000 17,500 Accumulated Depreciation $146,500 $ 55,000 Accounts Payable 60,000 19,000 Wages Payable 20,000 10,500 Notes Payable 153,000 51,500 Common Stock 203,000 60,000 Retained Earnings 105,000 40,000 Sales 275,000 189,000 Income from Saver Company 2,400 $964,900 $964,900 $425,000 $425,000 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.) 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 B co Record the basic consolidation entry. Note: Enter debits before credits Event Accounts Debit Credit 1 view transaction list Consolidation Worksheet Entries 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 B D Record the excess value (differential) reclassification entry. Note: Enter debits before credits Event Accounts Debit Credit 3 Record entry Clear entry view consolidation entries 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 PRICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Price Corp. Saver Co. DR CR Consolidated Income Statement Sales $ 0 $ 0 $ 0 $ 0 $ 0 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 Ending Balance Assets Cash Accounts receivable Inventory Land Buildings & equipment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Beginning balance 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 0 $ 0 $ 0 $ 0 $ 0 $ $ 0 $ 0 $ 0 $ 0 Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $143,000. At that date, the fair value of Saver's buildings and equipment was $26,000 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 $4,000 Trial balance data for Price and Saver on December 31, 20X8, are as follows: Price Corporation Saver Company Item Debit Credit Debit Credit Cash $ 21,000 $ 24,000 Accounts Receivable 73,000 13,500 Inventory 93,800 28,000 Land 33,000 18,000 Buildings & Equipment 353,000 153,000 Investment in Saver Company 127,900 Cost of Goods Sold 128,000 113,000 Wage Expense 43,500 28,500 Depreciation Expense 26,500 11,500 Interest Expense 13,500 5,500 Other Expenses 19,500 12,500 Dividends Declared 33,000 17,500 Accumulated Depreciation $146,500 $ 55,000 Accounts Payable 60,000 19,000 Wages Payable 20,000 10,500 Notes Payable 153,000 51,500 Common Stock 203,000 60,000 Retained Earnings 105,000 40,000 Sales 275,000 189,000 Income from Saver Company 2,400 $964,900 $964,900 $425,000 $425,000 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.) 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 B co Record the basic consolidation entry. Note: Enter debits before credits Event Accounts Debit Credit 1 view transaction list Consolidation Worksheet Entries 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 B D Record the excess value (differential) reclassification entry. Note: Enter debits before credits Event Accounts Debit Credit 3 Record entry Clear entry view consolidation entries 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 PRICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Consolidation Entries Price Corp. Saver Co. DR CR Consolidated Income Statement Sales $ 0 $ 0 $ 0 $ 0 $ 0 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 Ending Balance Assets Cash Accounts receivable Inventory Land Buildings & equipment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Beginning balance 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 0 $ 0 $ 0 $ 0 $ 0 $ $ 0 $ 0 $ 0 $ 0