Week 5 Weekly Problems 0 Saved Help Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $93,000. At that date. the fair value ofthe noncontrolling interest was $31,000. The book value of Slice's net assets at acquisition was $89,000. The book values and fair values of Slice's assets and liabilities were equal, except for Slice's buildings and equipment, which were worth $17,800 more than book 10 value. Accumulated depreciation on the buildings and equipment was $24,000 on the acquisition date. Buildings and equipment are points depreciated on a 10year basis. Although goodwill is not amortized, the management of Pie concluded at December 31, 20X8, that goodwill from its purchase of Slice eBook shares had been impaired and the correct carrying amount was $2,800. Goodwill and goodwill impairment were assigned . proportionately to the controlling and noncontrolling shareholders. Print Re'eranc\" Trial balance data for Pie and Sllce on December 31, 20X8, are as follows: Pie Corporation Slice Company Item Debit Credit Debit Credit Cash 5 56,500 $ 27,000 Accounts Receivable 74,000 18,000 Inventory 94,000 31,000 Land 43,000 21,000 Buildings 5. Equipment 364,000 163,000 Investment in Slice Company 97,315 Cost of (300015 sold 122,000 107,000 Wage Expense 34,000 22,000 Depreciation Expense 21,000 0,000 Interest Expense 8,000 2,000 other Expenses 9,500 3,000 Dividends Declared 39,000 16,400 Accumulated Depreciation k. $129,000 $ 32,000 Accounts Payable 45,000 7,000 Wages Payable 8,000 3,000 Notes Payable 240,700 106,400 Common Stock 180,000 54,000 Retained Earnings 82,000 35,000 Sales 261,000 131,000 Income from Slice Company 17,115 $962,815 $962,515 $418,400 $418,400 MC oraw Rwy 1 of 2 Next > Save & Exit Submit Week 5 Weekly Problems i Saved Help Save & Exit Submit Check my work Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 10 points view transaction list eBook Consolidation Print Worksheet Entries References Week 5 Weekly Problems i Saved Help Save & Exit Submit Check my work Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 10 points view transaction list eBook Consolidation Print Worksheet Entries References