Pepper Company acquired 80 percent of Salt Company's stock at underlying book value on January 1, 2019. Salt Co. sold equipment to Pepper Co. for a $720,000 on December 31, 2019. Salt Co. had originally purchased the equipment for $800,000 on January 1, 2016, with a useful life of 10 years and no salvage value. At the time of the purchase, Pepper Co. estimated that the equipment still had the same remaining useful life. Both companies use straight-line depreciation. Pepper sold land costing $70,000 to Salt Company on June 28, 2020, for $125,000. 1) Prepare Pepper's journal entries related to intercompany sale of land and equipment for 2020. 2) Prepare the consolidation entries that related to intercompany sale of land for 2020 3) Prepare the consolidation entries that related to intercompany sale of equipment for 2020. 4) Assume at that acquisition date, Salt reported common stock outstanding of $1,050,000 and retained earnings of $840,000 on January 1, 2019. 5 reported net income of $35.000 and dividends of $7.000 for each year of 2019 and 2020. Calculate Pepper's investment account balance on December 31, 2020 MacBook