ork (this is your only assignment) Saved Help Save & Exit Subn Check my work P4-33 Consolidation Worksheet at End of First Year of Ownership LO 4-5 Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20x8, for $138,000. At that date, the fair value of Saver's buildings and equipment was $24,000 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 $3,500. Trial balance data for Price and Saver on December 31, 20X8, are as follows: Price Corporation Saver Company Item Debit Credit Debit Credit Cash $ 20,500 $ 23,000 Accounts Receivable 72,000 13,000 Inventory 92,000 27,000 Land 32,000 17,000 Buildings & Equipment 352,000 152,000 Investment in Saver Company 128,100 Cost of Goods Sold 127,000 112,000 Wage Expense 43,000 28,000 Depreciation Expense 26,000 Interest Expense 11,000 13, 5,000 Other Expenses 17,500 10,000 Dividends Declared 32,000 Accumulated Depreciation 17,000 $146,000 $ 50,000 Accounts Payable 55 , 18,000 Wages Payable 19,000 10,000 Notes Pavahle 152 AAA 51 AAA N e e 16. e c 99% 10 Consolidation Worksheet Entries CD c CD 0 CD a Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 4 Record entry Clear entry view consolidation entries DU ........... N e c CD heducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect (this is your only assignment) 6 Saved Price Corp. Saver Co. DR CR Consolidated Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Saver Co. Net Income $ 0 $ 0 $ 0 $ 0 0 Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance $ 0 $ 0 $ 0 $ 0 $ 0 Assets Cash Accounts receivable nheducation.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fnewconnec k (this is your only assignment) i Saved Less. Uivienus ueciales Ending Balance $ 0 $ 0 $ 0 $ 0 $ 0 Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Saver Co. Goodwill $ 0 $ 0 $ 0 $ 0 $ 0 Total Assets Liabilities & Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities & Equity $ 0 $ 0 $ 0 $ 0 $ 0 ork (this is your only assignment) Saved Help Save & Exit Subn Check my work P4-33 Consolidation Worksheet at End of First Year of Ownership LO 4-5 Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20x8, for $138,000. At that date, the fair value of Saver's buildings and equipment was $24,000 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 $3,500. Trial balance data for Price and Saver on December 31, 20X8, are as follows: Price Corporation Saver Company Item Debit Credit Debit Credit Cash $ 20,500 $ 23,000 Accounts Receivable 72,000 13,000 Inventory 92,000 27,000 Land 32,000 17,000 Buildings & Equipment 352,000 152,000 Investment in Saver Company 128,100 Cost of Goods Sold 127,000 112,000 Wage Expense 43,000 28,000 Depreciation Expense 26,000 Interest Expense 11,000 13, 5,000 Other Expenses 17,500 10,000 Dividends Declared 32,000 Accumulated Depreciation 17,000 $146,000 $ 50,000 Accounts Payable 55 , 18,000 Wages Payable 19,000 10,000 Notes Pavahle 152 AAA 51 AAA N e e 16. e c 99% 10 Consolidation Worksheet Entries CD c CD 0 CD a Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 4 Record entry Clear entry view consolidation entries DU ........... N e c CD heducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect (this is your only assignment) 6 Saved Price Corp. Saver Co. DR CR Consolidated Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Less: Impairment loss Income from Saver Co. Net Income $ 0 $ 0 $ 0 $ 0 0 Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance $ 0 $ 0 $ 0 $ 0 $ 0 Assets Cash Accounts receivable nheducation.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fnewconnec k (this is your only assignment) i Saved Less. Uivienus ueciales Ending Balance $ 0 $ 0 $ 0 $ 0 $ 0 Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Saver Co. Goodwill $ 0 $ 0 $ 0 $ 0 $ 0 Total Assets Liabilities & Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities & Equity $ 0 $ 0 $ 0 $ 0 $ 0