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Pizza Corporation acquired $80$ percent ownership of Slice Products Company on January $1,20$X$1,$ for $$151,000.$ On that date, the fair value of the noncontrolling interest was $$37,750,$ and Slice reported retained earnings of $$46,000$ and had $$95,000$ 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 $31,20$X$5,$ are as follows:

Item Pizza Corporation Slice Products Company

Debit Credit Debit Credit

Cash and Receivables $ $86,000$ $ $67,000$

Inventory $277,000103,000$

Land $86,00086,000$

Buildings and Equipment $517,000167,000$

Investment in Slice Products Company $180,540$

Cost of Goods Sold $112,00046,000$

Depreciation Expense $21,00011,000$

Inventory Losses $11,0005,000$

Dividends Declared $37,00017,200$

Accumulated Depreciation $ $193,000$ $ $77,000$

Accounts Payable $42,00015,000$

Notes Payable $277,160129,200$

Common Stock $282,00095,000$

Retained Earnings $296,00085,000$

Sales $210,000101,000$

Income from Slice Products Company $27,380$

$ $1,327,540$ $ $1,327,540$ $ $502,200$ $ $502,200$

Additional Information

On the date of combination, the fair value of Slice$$s depreciable assets was $$47,750$ 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.

There was $$10,000$ of intercorporate receivables and payables at the end of $20$X$5.$

Required:

Prepare all journal entries that Pizza recorded during $20$X$5$ related to its investment in Slice.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.b$.$ Prepare all consolidation entries needed to prepare consolidated statements for $20$X$5.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

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