Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $128,000. At that date, the fair value of Savers buildings and equipment was $20,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Prices management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,500. Trial balance data for Price and Saver on December 31, 20X8, are as follows:

a. Prepare the following consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8.

b. Prepare a three-part consolidation worksheet for 20X8.

Price Corporation Credit Saver Compan Debit Debit Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company $ 19,500 70,000 90,000 30,000 350,000 128,500 125,000 42,000 25,000 12,000 13,500 30,000 $ 21,000 12,000 25,000 15,000 150,000 110,000 27,000 10,000 4,000 5,000 16,000 $145,000 45,000 17,000 150,000 200,000 102,000 260,000 16,500 $935,500 935,500 $ 40,000 16,000 9,000 50,000 60,000 40,000 180,000 $395,000 $395,000