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 (149.38 KiB) Viewed 30 times

Income Statement Sales Less: COGS Less: Depreciation expense Less: Inventory losses Income from Slice Products Company Consolidated net income NCI in net income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance PIZZA CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X5 Pizza Corp. $ 204,000 (113,000) (21,000) (11,000) 32,220 $ 91,220 $ $ 91,220 $ $ 312,000 $ 91,220 (39,000) 364,220 $ $ Consolidation Entries DR CR Slice Products Co. $ 104,000 (43,000) (11,000) (5,000) 0 45,000 $ 45,000 $ $ 86,000 45,000 86,000 0 (22,000) 109,000 $ 86,000 O O $ $ $ Consolidated $ 308,000 (156,000) (32,000) (16,000) 32,220 136,220 136,220 312,000 136,220 (39,000) 409,220 0 $ 0 $ $ $ 22,000 22,000
Less: Dividends declared Ending Balance Balance Sheet Cash and receivables Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Slice Products Company Total Assets Accounts payable Notes payable Common stock Retained earnings NCI in NA of Slice Products Company Total Liabilities and Equity (39,000) 364,220 $ $ 82,000 275,000 89,000 504,000 (189,000) 182,900 $ 943,900 $ 60,000 221,680 298,000 364,220 943,900 $ $ $ $ (22,000) 109,000 73,000 107,000 89,000 162,000 (77,000) 0 354,000 11,000 138,000 96,000 109,000 354,000 $ $ 86,000 $ 0 $ 96,000 86,000 182,000 (39,000) 409,220 155,000 382,000 178,000 666,000 (266,000) 0 182,900 182,900 1,115,000 71,000 359,680 298,000 22,000 409,220 22,000 $ 1,137,900 22,000 22,000 $ $ $ $