Question: Hello, can you please help with this assignment? I've attached all 3 questions in 3 different screenshots Pizza Corporation acquired 80 percent ownership of Slice
Hello,
can you please help with this assignment? I've attached all 3 questions in 3 different screenshots


Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $151,000. On that date, the fair value of the noncontrolling interest was $37,750, and Slice reported retained earnings of $46,000 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 companies on December 31, 20X5, are as follows: Pizza Slice Corporation Products Company Item Debit Credit Debit Credit Cash & Receivables $ 86,000 $ 71,000 Inventor 280,000 94,000 Land 89,000 89,000 Buildings & Equipment 507,000 170,000 Investment in Slice Products Company 179,900 Cost of Goods Sold 119,000 46,000 Depreciation Expense 25,000 15.000 Inventory Losses 15,000 5.00 Dividends Declared 39,000 14,000 Accumulated Depreciation 204,000 $ 105.000 Accounts Payable 58,000 19.000 Notes Payable 249,720 99,000 Common Stock 293.000 95.000 Retained Earnings 7.000 85.000 Sales 204.000 101,000 Income from Slice Products Company 24, 180 $ 1,339,900 $ 1,339,900 $504,000 $ 504,000 Additional Information 1. On the date of combination, the fair value of Slice's depreciable assets was $47,750 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: 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.) View transaction list Journal entry worksheet
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