Advanced Financial Accounting
Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Chapter 4, Problem 4.20E

a.

To determine

Introduction: Consolidated Financial Statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flow of the parent company and its subsidiaries are presented as those of a single entity.

To prepare: Consolidation entries on December 31, 20X3 to prepare consolidation financial statement.

b.

To determine

Introduction: Consolidation Worksheet is a tool which is used in preparation of consolidated financial statement of parent company and its subsidiary.

To prepare: A three-partConsolidated worksheet.

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b. Prepare all consolidation entries needed to prepare consolidated statements for 20X5. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.a. Prepare all journal entries that Pizza recorded during 20×5 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. View transaction listPizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, 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, 20X5, are as follows: Item Pizza Corporation Slice Products Company Debit Credit Debit Credit Cash and Receivables $ 86,000 $ 67,000 Inventory 277,000…
I just need the consolidation entries and the consolidation spreadsheet parts D and E
Take care of plagiarism.

Chapter 4 Solutions

Advanced Financial Accounting

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