Show me the steps to solve Pie Corporation acquired $75$ percent of Slice Company$$s ownership on January $1,20$X$8,$ for $$99,000.$ At that date, the fair value of the noncontrolling interest was $$33,000.$ The book value of Slice$$s net assets at acquisition was $$97,000.$ The book values and fair values of Slice$$s assets and liabilities were equal, except for Slice$$s buildings and equipment, which were worth $$19,400$ more than book value. Accumulated depreciation on the buildings and equipment was $$24,000$ on the acquisition date. Buildings and equipment are depreciated on a $10-$year basis.

Although goodwill is not amortized, the management of Pie concluded at December $31,20$X$8,$ that goodwill from its purchase of Slice shares had been impaired and the correct carrying amount was $$2,800.$ Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders.

Trial balance data for Pie and Slice on December $31,20$X$8,$ are as follows:

Item Pie Corporation Slice Company

Debit Credit Debit Credit

Cash $ $47,500$ $ $22,000$

Accounts Receivable $80,00013,000$

Inventory $100,00026,000$

Land $40,00016,000$

Buildings and Equipment $350,000157,000$

Investment in Slice Company $100,095$

Cost of Goods Sold $124,000109,000$

Wage Expense $39,00024,000$

Depreciation Expense $24,0008,000$

Interest Expense $11,0002,000$

Other Expenses $12,5003,000$

Dividends Declared $34,00017,800$

Accumulated Depreciation $ $134,000$ $ $32,000$

Accounts Payable $39,00016,000$

Wages Payable $17,00012,000$

Notes Payable $198,65060,800$

Common Stock $197,00060,000$

Retained Earnings $99,00037,000$

Sales $263,000180,000$

Income from Slice Company $14,445$

$ $962,095$ $ $962,095$ $ $397,800$ $ $397,800$

Required:

Record all consolidation entries needed to prepare a three$-$part consolidation worksheet as of December $31,20$X$8.$ Prepare a three$-$part consolidation worksheet for $20$X$8.$