ezto.mheducation.com *Homework Help - Q&A from Online Tutor. G how to add screenshot to comment on a.. Home - >> Students 3-1 Assignment: Less-Than-Wholly-O. M Connect 3-1 Assignment: Less-Than-Wholly-Owned Acquired at ... i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $149,000. On that date, the fair value of the noncontrolling interest was $37,250, and Slice reported retained earnings of $44,000 and had $95,000 of common stock outstanding. Pizza has used the equity method in accounting for its investment in Slice. 25 points Trial balance data for the two companies on December 31, 20X5, are as follows: Pizza Slice Corporation Products Company Item Debit Credit Debit Credit Cash & Receivables 81,00 $ 69,000 Inventory 262, 000 96, 000 Land 82, 000 82 , 000 Buildings & Equipment 508,000 151,000 Investment in Slice Products Company 181, 620 Cost of Goods Sold 111,000 44 , 000 Depreciation Expense 21, 000 11 , 000 Inventory Losses 11, 000 6,000 Dividends Declared 46,000 23, 600 Accumulated Depreciation $ 192, 000 $ 77, 000 Accounts Payable 52, 000 14, 000 Notes Payable 228, 800 103, 600 Common Stock 291, 000 95, 000 Retained Earnings 305,000 85, 000 Sales 201, 000 108,000 Income from Slice Products Company 33 , 820 $1, 303, 620 $1, 303, 620 $482,600 $482 , 600 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $47,250 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written off over the following 10-year period. 2. There was $14,000 of intercorporate receivables and payables at the end of 20X5. Required: Mc Graw ezto.mheducation.com *Homework Help - Q&A from Online Tutor. G how to add screenshot to comment on a.. Home - >> Students 3-1 Assignment: Less-Than-Wholly-O.. M Connect 3-1 Assignment: Less-Than-Wholly-Owned Acquired at ... i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $47,250 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written 25 off over the following 10-year period. points 2. There was $14,000 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 field.) Answer is complete and correct. No Event General Journal Debit Credit A Investment in Slice Products Company O 37,600 Income from Slice Products Company 37,600 B 2 Cash 18,880 Investment in Slice Products Company 18,880 3 Income from Slice Products Company 3,780 Investment in Slice Products Company 3,780 b. Prepare all consolidation entries 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.) Mc Graw Fuucation ezto.mheducation.com *Homework Help - Q&A from Online Tutor. G how to add screenshot to comment on a.. Home - > Students 3-1 Assignment: Less-Than-Wholly-O. M Connect 3-1 Assignment: Less-Than-Wholly-Owned Acquired at ... i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. (If no entry is required for a 25 transaction/event, select "No journal entry required" in the first account field.) points x Answer is not complete. No Event Accounts Debit Credit A Common stock O 95,000 Retained earnings O 85,000 Income from Slice Products Company O 37,600 NCI in NI of Slice Products Company O 9,400 Dividends declared O 23,600 Investment in Slice Products Company O 162,720 NCI in NA of Slice Products Company 40,680 B 2 Depreciation expense 4,725 Income from Slice Products Company 3,780 NCI in NI of Slice Products Company 945 C 3 Buildings and equipment 47,250 Investment in Slice Products Company 42,525 x NCI in NA of Slice Products Company 4,725 D 4 Accounts payable 14,000 Cash and receivables 14,000 Mc Graw ezto.mheducation.com *Homework Help - Q&A from Online Tutor. G how to add screenshot to comment on a.. Home - >> Students 3-1 Assignment: Less-Than-Wholly-O. M Connect 3-1 Assignment: Less-Than-Wholly-Owned Acquired at ... i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question x Answer is not complete. PIZZA CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements 25 December 31, 20X5 points Consolidation Entries Pizza Corp. Slice Products Co. DR CR Consolidated Income Statement Sales $ 201,000 $ 108,000 $ 309,000 Less: COGS (111,000) (44,000) (155,000) Less: Depreciation expense 21,000) (11,000) 4,725 36,725 Less: Inventory losses 11,000) 6,000) 17,000) Income from Slice Products Company 33,820 37,600 3,780 Consolidated net income $ 91,820 $ 47,000 $ 42,325 $ 3,780 $ 100,275 NCI in net income 9,400 945 (8,455 Controlling Interest in Net Income $ 91,820 $ 47,000 $ 51,725 $ 4,725 $ 91,820 Statement of Retained Earnings Beginning balance $ 305,000 $ 85,000 $ 85,000 $ 305,000 Net income 91,820 47,000 51,725 4,725 91,820 Less: Dividends declared (46,000) 23,600) 23,600 46,000) Ending Balance $ 350,820 $ 108,400 $ 136,725 $ 28,325 350.820 Balance Sheet Cash and receivables $ 81,000 $ 69,000 14,000 $ 136,000 Inventory 262,000 96,000 358,000 Land 82,000 82,000 164,000 Buildings and equipment 508,000 151,000 47,250 706,250 Less: Accumulated depreciation (192,000) (77,000) (269,000) Mc Graw Education ezto.mheducation.com *Homework Help - Q&A from Online Tutor. G how to add screenshot to comment on a.. Home - >> Students 3-1 Assignment: Less-Than-Wholly-O. M Connect 3-1 Assignment: Less-Than-Wholly-Owned Acquired at ... i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Icome HIVIII One FiveULIS Company Consolidated net income $ 91,820 47,000 $ 42,325 $ 3,780 $ 100,275 NCI in net income 9,400 945 (8,455) Controlling Interest in Net Income $ 91,820 $ 47,000 $ 51,725 $ 4,725 $ 91,820 25 Statement of Retained Earnings points Beginning balance $ 305,000 $ 85,000 $ 85,000 305,000 Net income 91,820 47,000 51,725 4,725 91,820 Less: Dividends declared 46,000) 23,600) 23,600 46,000 Ending Balance $ 350,820 $ 108,400 $ 136,725 $ 28,325 $ 350,820 Balance Sheet Cash and receivables $ 81,000$ 69,000 $ 14,000 $ 136,000 Inventory 262,000 96,000 358,000 Land 82,000 82,000 164,000 Buildings and equipment 508,000 151,000 47,250 706,250 Less: Accumulated depreciation (192,000) (77,000) (269,000) Investment in Slice Products Company 181,620 181,620 0 Total Assets $ 922,620 321,000 $ 47,250 $ 195,620 $ 1,095,250 Accounts payable 52,000 $ 14,000 $ 14,000 $ 52,000 Notes payable 228,800 103,600 332,400 Common stock 291,000 95,000 95,000 291,000 Retained earnings 350,820 108,400 136,725 28,325 350,820 NCI in NA of Slice Products Company 9,400 X 3.400 Total Liabilities and Equity $ 922,620 330,400 $ 245,725 $ 28,325 $ 1,035,620 Mc Graw ducation