Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $158,000. At that date, the fair value of Saver's buildings and equipment was $32,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $5,500. Trial balance data for Price and Saver on December 31, 20X8, are as follows: Price Corporation Debit Item Cash Accounts Receivable Inventory Land Buildings and Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company Required: Saver Company Credit Debit Credit $ 22,500 $ 27,000 76,000 15,000 96,000 31,000 36,000 21,000 335,000 156,000 148,300 131,000 95,000 66,000 30,000 28,000 13,000 15,000 7,000 25,500 20,000 36,000 19,000 $ 148,000 $ 70,000 75,000 22,000 23,000 12,000 156,000 32,000 206,000 60,000 108,000 40,000 290,000 198,000 9,300 $ 1,015,300 $ 1,015,300 $ 434,000 $ 434,000 a. Prepare all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. b. Prepare a three-part consolidation worksheet for 20X8 in good form.. Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Consolidated Credit December 31, 20X8 Price Corporation Saver Company Consolidation Entries Debit $ 290,000 $ 198,000 151,000 × 95,000 × (23,000) > (12,000) x 28,000 × 13,000 (3,200) X 15,000 7,000 25,500 20,000 20,500 S 488,000 246,000 (35,000) 44,200 22,000 45,500 (20,500) Less: Impairment loss Income from Saver Company Net Income $ 486,500 $ 321,000 $ 17,300 $ 0 $ 790,200 Statement of Retained Earnings Beginning balance $ 1,015,300 $ 434,000 S 1,449,300 Net income Less: Dividends declared 486,500 9,300 × 321,000 790,200 Ending Balance $ 1,511,100 $ 9,300 × 764,300 $ 18,600 0 0 S 2,258,100 Assets Cash $ 22,500 $ 27,000 ( Accounts receivable 76,000 15,000 Inventory 96,000 31,000 Land Buildings and equipment Less: Accumulated depreciation Investment in Saver Company 36,000 21,000 ( $ 49,500 91,000 127,000 57,000 355,000 × 156,000 (148,000) (70,000) 511,000 (218,000) 148,300 (148,300) Goodwill 5,500 Total Assets $ 585,800 $ 180,000 $ (142,800) 0 $ 5,500 623,000 Liabilities and Stockholders' Equity Accounts payable $ (75,000) $(22,000) > Wages payable (23,000) > (12,000) x Notes payable (156,000) x (32,000) * Common stock (206,000) > (60,000) > Retained earnings Total Liabilities and Fruity $ (460 000) Is (126 000) 0 S 0 0