Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $149,000. On that date

[answerhappygod]

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 $43,000 and had $96,000 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:
Additional Information

Pizza Corporation Acquired 80 Percent Ownership Of Slice Products Company On January 1 20x1 For 149 000 On That Date 1 (60.03 KiB) Viewed 52 times

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.)

Pizza Corporation Acquired 80 Percent Ownership Of Slice Products Company On January 1 20x1 For 149 000 On That Date 2 (116.71 KiB) Viewed 52 times

No A B с Event 1 2 3 X Answer is not complete. General Journal Investment in Slice Products Company Income from Slice Products Company Cash Investment in Slice Products Company Income from Slice Products Company Investment in Slice Products Company Debit Credit
A B C D 1 2 3 4 Accounts payable Common stock Retained earnings Income from Slice Products Company NCI in NI of Slice Products Company Dividends declared Investment in Slice Products Company NCI in NI of Slice Products Company Depreciation expense Income from Slice Products Company NCI in NI of Slice Products Company Buildings and equipment Accumulated depreciation Investment in Slice Products Company NCI in NI of Slice Products Company Accounts payable Cash and receivables