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will rate after checking work thanks Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $145.000. On that date,

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will rate after checking work thanks

Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20x1, for $145.000. On that date, the fair value of the noncontrolling Interest was $36,250, and Slice reported retained earnings of $40,000 and had $95,000 of common stock outstanding. Pizza has used the equity method in accounting for its Investment in Slice. Trial balance data for the two companles on December 31, 20X5. are as follows: Item Cash & Receivables Inventory Land Buildings & Equipment Investment in slice Products Company Cost of Goods Sold Depreciation Expense Inventory losses Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings sales Income from slice Products Company Pizza slice Corporation Products Company Debit Credit Debit Credit 89, 880 $ 83,000 277,280 96,000 81,000 81,000 512,000 164 000 180,740 112, eee 40,000 24,000 14,000 14,000 6,000 39,000 21,200 $ 196,680 $ 98,000 51,690 10,000 242, 240 113,290 295,000 95,000 309,000 85,000 284, 080 184,900 31,500 $1,328,740 $1,328,740 $505,200 $505, 200 Additional Information 1. On the date of combination, the fair value of Slice's depreclable assets was $46.250 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition dat The ential assigned to depreclable assets should be written off over the following 10-year period. 2. There was $13,000 of Intercorporate receivables and payables at the end of 20X5. Required: a. Prepare all Journal entries that Pizza recorded during 20x5 related to its Investment in Slice. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list Journal entry worksheet A B > Record Pizza Corporation's 80% share of Slice Products Company's 20x5 income. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Cka entry View general joumal View transaction list Journal entry worksheet B Record Pizza Corporation's 80% share of Slice Company's 20X5 dividend. Note: Enter debits before credits Event General Journal Debit Credit 2 Record entry Clear entry View general journal b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. (If no entry is requlred for a View transaction list Journal entry worksheet Record the excess value (differential) reclassification entry. Note: Enter debits before credits Event Accounts Debit Credit 3 Record entry Clear entry view consolidation entres b. Prepare all consolidation entrles needed to prepare consolidated statements for 20X5. (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

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