Journal entry worksheet

A

C

D

Record the amortized excess value reclassification entry.

Note: Enter debits before credits. Journal entry worksheet

A

B

C

D

Record the excess value $($differential$)$ reclassification entry.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$Accounts,Debit,Credit$],[3,,,],[,,,],[,,,],[,,,]]$ Journal entry worksheet

A

B

C

D

Record the optional accumulated depreciation consolidation entry.

Note: Enter debits before credits.Required:

a$.$ Prepare all consolidation entries needed to prepare a three$-$part consolidation worksheet as of December $31,208.$

b$.$ Prepare a three$-$part consolidation worksheet for $208$ in good form..

Complete this question by entering your answers in the tabs below.

Prepare a three$-$part consolidation worksheet for $208.$

Note: Values in the first two columns $($the "parent" and "subsidiary" balances$)$ that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.

Show less A

$\backslash$table$[[$PRICE CORPORATION AND SUBSIDIARY$],[$Consolidated Financial Statements Worksheet$],[$December $31,20$X$8],[,\{$

$\backslash$table$[[$Price$],[$Corporation$]]\},\{$

$\backslash$table$[[$Saver$],[$Company$]]\},$Consolidation Entries,Consolidated$],[,$Debit,Credit$],[$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,$$,0,$$$,0,$$$,$$$,$$$],[$Statement of Retained Earnings$],[$Beginning balance$],[$Net income$],[$Less: Dividends declared$],[$Ending Balance,$$,0,$$$,0,$$$,$$$,$$$],[$Assets$],[$Cash$],[$Accounts receivable$],[$Inventory$],[$Land$],[$Buildings and equipment$],[$Less: Accumulated depreciation$],[$Investment in Saver Compan,,,,,,,$],[$Goodwill$,,,,,,,],[$Total Assets,$$,0,$$$,0,$$$,$$$,$$$],[$Liabilities and Stockholders,,,,,,,$],[$Accounts payable,,,,,,,$],[$Wages payable,,,,,,,$],[$Notes payable,,,,,,,$],[$Common stock,,,,,,,$],[$Retained earnings,,,,,,,$],[$Total Liabilities and Equity,$$,0,$$$,0,$$$,0,$$$]]$Price Corporation acquired $100$ percent ownership of Saver Company on January $1,208,$ for $$168,000.$ At that date, the fair value of

Saver's buildings and equipment was $$36,000$ 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 $31,208,$ that goodwill involved in its acquisition of

Saver shares had been impaired and the correct carrying value was $$6,500.$

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

Required:

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

b$.$ Prepare a three$-$part consolidation worksheet for $208$ in good form..

Complete this question by entering your answers in the tabs below.

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the basic consolidation entry.

Note: Enter debits before credits.