Putt Corporation acquired 70 percent of Slice Companys voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnigs 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 Corporation										Slice Company
	Debit					Credit					Debit					Credit
Cash		$	15,850									$	58,000
Accounts Receivable			65,000										70,000
Interest & Other Receivables			30,000										10,000
Inventory			150,000										180,000
Land			80,000										60,000
Buildings & Equipment			315,000										240,000
Bond Discount													15,000
Investment in Slice Company			157,630
Cost of Goods Sold			375,000										110,000
Depreciation Expense			25,000										10,000
Interest Expense			24,000										33,000
Other Expense			28,000										17,000
Dividends Declared			30,000										5,000
Accumulated
DepreciationBuildings and Equipment							$	120,000									$	60,000
Accounts Payable								61,000										28,000
Other Payables								30,000										20,000
Bonds Payable								250,000										300,000
Common Stock								150,000										100,000
Additional Paid-in Capital								30,000
Retained Earnings								165,240										100,000
Sales								450,000										190,400
Other Income								28,250
Gain on Sale of Equipment																		9,600
Income from Slice Company								10,990
Total		$	1,295,480				$	1,295,480				$	808,000				$	808,000

Putt sold land it had purchased for $21,000 to Slice on September 20, 20X4, 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, 20X3, 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:

Prepare a three-part worksheet for 20X5. (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.)

Consolidated PUTT CORPORATION AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X5 Consolidation Entries Putt Corp. Slice Co. DR CR Income Statement Sales Other Income Gain on Sale of Equipment Less: COGS Less: Depreciation Expense Less: Amortization Expense Less: Interest Expense Less: Other Expenses Income from Slice Co. Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Cash Accounts Receivable TUTTI Interest and Other Receivables Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Slice Co. Copyright Total Assets Accounts Payable Other Payables Bonds Payable Bond Discount Common Stock Additional Paid-in Capital Retained Earnings NCI in NA of Slice Co. Total Liabilities & Equity Consolidated PUTT CORPORATION AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X5 Consolidation Entries Putt Corp. Slice Co. DR CR Income Statement Sales Other Income Gain on Sale of Equipment Less: COGS Less: Depreciation Expense Less: Amortization Expense Less: Interest Expense Less: Other Expenses Income from Slice Co. Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Cash Accounts Receivable TUTTI Interest and Other Receivables Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Slice Co. Copyright Total Assets Accounts Payable Other Payables Bonds Payable Bond Discount Common Stock Additional Paid-in Capital Retained Earnings NCI in NA of Slice Co. Total Liabilities & Equity