Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $133,000. At...

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Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $133,000. At that date, the fair value of Saver's buildings and equipment was $22,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $3,000. Trial balance data for Price and Saver on December 31, 20X8, are as follows: Item Price Corporation Debit Credit Saver Company Debit Credit $ 22,000 Cash $ 20,000 Accounts Receivable Inventory Land 71,000 91,000 31,000 Buildings and Equipment 351,000 Investment in Saver Company 128,300 Cost of Goods Sold 126,000 Wage Expense Depreciation Expense 42,500 25,500 Interest Expense 12,500 12,500 26,000 16,000 151,000 111,000 27,500 10,500 4,500 Other Expenses 15,500 Dividends Declared 31,000 7,500 16,500 Accumulated Depreciation $ 145,500 $ 45,000 Accounts Payable 50,000 17,000 Wages Payable 18,000 9,500 Notes Payable 151,000 50,500 Common Stock 201,000 60,000 Retained Earnings 103,000 40,000 Sales Income from Saver Company 265,000 11,800 183,000 $ 945,300 $ 945,300 $ 405,000 $ 405,000 Required: a. Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. b. Prepare a three-part consolidation worksheet for 20X8 in good form.. Complete this question by entering your answers in the tabs below Required: a. Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. b. Prepare a three-part consolidation worksheet for 20X8 in good form.. Complete this question by entering your answers in the tabs below. Required A Required B Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet > A B C D Record the basic consolidation entry. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry View general journal < Required A Required B > Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Saver Company Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Saver Company Goodwill Total Assets Liabilities and Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities and Equity PRICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Price Corporation Saver Company Consolidation Entries Consolidated Debit Credit < Required A Required B Show less Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $133,000. At that date, the fair value of Saver's buildings and equipment was $22,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $3,000. Trial balance data for Price and Saver on December 31, 20X8, are as follows: Item Price Corporation Debit Credit Saver Company Debit Credit $ 22,000 Cash $ 20,000 Accounts Receivable Inventory Land 71,000 91,000 31,000 Buildings and Equipment 351,000 Investment in Saver Company 128,300 Cost of Goods Sold 126,000 Wage Expense Depreciation Expense 42,500 25,500 Interest Expense 12,500 12,500 26,000 16,000 151,000 111,000 27,500 10,500 4,500 Other Expenses 15,500 Dividends Declared 31,000 7,500 16,500 Accumulated Depreciation $ 145,500 $ 45,000 Accounts Payable 50,000 17,000 Wages Payable 18,000 9,500 Notes Payable 151,000 50,500 Common Stock 201,000 60,000 Retained Earnings 103,000 40,000 Sales Income from Saver Company 265,000 11,800 183,000 $ 945,300 $ 945,300 $ 405,000 $ 405,000 Required: a. Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. b. Prepare a three-part consolidation worksheet for 20X8 in good form.. Complete this question by entering your answers in the tabs below Required: a. Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. b. Prepare a three-part consolidation worksheet for 20X8 in good form.. Complete this question by entering your answers in the tabs below. Required A Required B Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet > A B C D Record the basic consolidation entry. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry View general journal < Required A Required B > Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Saver Company Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Saver Company Goodwill Total Assets Liabilities and Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities and Equity PRICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X8 Price Corporation Saver Company Consolidation Entries Consolidated Debit Credit < Required A Required B Show less