On December 31, Year 4, Hill purchased 80% of the common shares of McGraw for $288,000 plus a commitment to pay an additional $100,000 in two years if sales grow by more than 30% over the next two years. An independent business valuator stated that the contingent consideration based on sales growth could have settled by Hill by paying an extra $48,000 at the date of acquisition. On this date, the inventory of McGraw had a fair value of $216,000, its land had a fair value of $87,000, and its plant and equipment had a fair value of $394,000. Assume the company uses the Fair Value Enterprise method prepare the journal entries required for the worksheet. Prepare consolidated financial statements using the worksheet approach. On December 31, Year 4, Hill purchased 80% of the common shares of McGraw for $288,000 plus a commitment to pay an additional $100,000 in two years if sales grow by more than 30% over the next two years. An independent business valuator stated that the contingent consideration based on sales growth could have settled by Hill by paying an extra $48,000 at the date of acquisition. On this date, the inventory of McGraw had a fair value of $216,000, its land had a fair value of $87,000, and its plant and equipment had a fair value of $394,000. Assume the company uses the Fair Value Enterprise method prepare the journal entries required for the worksheet. Prepare consolidated financial statements using the worksheet approach