Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1,203, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnings of $85,000. The fair value of the noncontrolling interest was $68,100 at the date of acquisition. Buildings and equipment held by Slice had a fair value $25,000 higher than book value. The remainder of the differential was assigned to a copyright held by Slice. Buildings and equipment had a 10-year remaining life and the copyright had a 5-year life at the date of acquisition. Trial balances for Putt and Slice on December 31, 20X5, are as follows: Putt sold land it had purchased for $21,000 to Slice on September 20,204, for $32,000. Slice plans to use the land for future plant expansion. On January 1, 20X5, Slice sold equipment to Putt for $91,600. Slice purchased the equipment on January 1,203, for $ 100,000 and depreciated it on a 10-year basis, including an estimated residual value of $10,000. The residual value and estimated economic life of the equipment remained unchanged as a result of the transfer, and both companies use straight-line depreciation. Assume Putt uses the fully adjusted equity method. Required: a. Compute the amount of income assigned to the noncontrolling interest in the consolidated income statement for 205. b. Prepare a reconciliation between the balance in the Investment in Slice Company account reported by Putt at December 31,205, and the underlying book value of net assets reported by Slice at that date. Note: Enter the proportion of stock held as a fraction (i.e., 0.75 ), not in percent. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31,205, for Putt and Slice. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries C D E F F Record the basic consolidation entry. Note: Enter debits before credits. Prepare a three-part worksheet for 205. 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