estion Two: e following are preliminary financial statements for Momeier Co. and Peerless Co. for the ear ending December 31,2020 On December 31, 2020 (Immediately after closing the transaction), Momeier Co, exchanged 10,000 shares of its $10 par value common stock for 100% of the outstanding shares of Peerless. Momeier's stock on that date has a fair value of $50 per share. Momeier Co. plans to maintain Peerless Co. as a wholly owned subsidiary with separate legal status and accounting information systems. Peerless's land was appraised at $204,000. Momeier Co. also paid $14,000 to attorneys and accountants who assisted in creating this combination. Required: Assuming that, the two companies retained their separate legal entities. 1. Prepare journal entries to record acquisition of Peerless Co 2. Complete a consolidated Balance Sheet worksheet as of Dec 31,2020