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Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $145,000. On that date, the fair value of the noncontrolling interest was $36,250, and Slice reported retained earnings of $42,000 and had $93,000 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:

	Pizza Corporation						Slice Products Company
Item	Debit			Credit			Debit			Credit
Cash & Receivables	$	83,000					$	79,000
Inventory		274,000						94,000
Land		80,000						80,000
Buildings & Equipment		511,000						162,000
Investment in Slice Products Company		178,020
Cost of Goods Sold		119,000						42,000
Depreciation Expense		22,000						12,000
Inventory Losses		12,000						5,000
Dividends Declared		35,000						23,600
Accumulated Depreciation				$	195,000					$	84,000
Accounts Payable					46,000						19,000
Notes Payable					221,120						112,600
Common Stock					298,000						93,000
Retained Earnings					312,000						83,000
Sales					208,000						106,000
Income from Slice Products Company					33,900
	$	1,314,020		$	1,314,020		$	497,600		$	497,600

Additional Information

1. On the date of combination, the fair value of Slice's depreciable assets was $46,250 more than book value. The accumulated depreciation on these assets was $10,000 on the acquisition date. The differential assigned to depreciable assets should be written off over the following 10-year period.
2. There was $11,000 of intercorporate receivables and payables at the end of 20X

• Record basic consolidation entry.

Note: Enter debits before credits.

	Event Accounts Debit Credit 1 Common stock Retained earnings Income from Slice Products Company

• Record the amortized excess value reclassification entry.

Note: Enter debits before credits.

	Event Accounts Debit Credit 2 Depreciation expense Income from Slice Products Company

• Record the excess value (differential) reclassification entry.

Note: Enter debits before credits.

	Event Accounts Debit Credit 3 Buildings and equipment Goodwill Accumulated depreciation Investment in Slice Products Company

• Record the entry to eliminate the intercompany accounts.

Note: Enter debits before credits.

	Event Accounts Debit Credit 4 Accounts payable