Putt Corporation acquired 70 percent of Slice Company's voting common stock on January 1, 20X3, 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 Corporation Debit Credit 15,850 65,000 30,000 150,000 80,000 315,000 Slice Company Debit Credit $ 58,000 70,000 10,000 180,000 60,000 240,000 15,000 157,630 375,000 25,000 24,000 28,000 30,000 110,000 10,000 33,000 17,000 5,000 Cash Accounts Receivable Interest & Other Receivables Inventory Land Buildings & Equipment Bond Discount Investment in Slice Company Cost of Goods Sold Depreciation Expense Interest Expense Other Expense Dividends Declared Accumulated Depreciation-Buildings and Equipment Accounts Payable Other Payables Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings Sales Other Income Gain on Sale of Equipment Income from Slice Company Total $ 120,000 61,000 30,000 250,000 150,000 30,000 165, 240 450,000 28,250 $ 60,000 28,000 20,000 300,000 100,000 100,000 190,400 9,600 10,990 $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. c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (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 Record the amortized excess value reclassification entry. Note: Enter debits before credits. Event Accounts Debit Credit 2 Record entry Clear entry view consolidation entries c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (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 Record the entry to eliminate the gain on the sale of land. Note: Enter debits before credits. Event Accounts Debit Credit 4 Record entry Clear entry view consolidation entries c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (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 Record the entry to eliminate the gain on equipment and to correct the asset's basis. Note: Enter debits before credits. Event Accounts Debit Credit 5 Record entry Clear entry view consolidation entries c. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X5, for Putt and Slice. (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 Record the entry to adjust Accumulated Depreciation. Note: Enter debits before credits. Event Accounts Debit Credit 6 Record entry Clear entry view consolidation entries