Plant Company acquired of the common stock of Shoot Company January 1, year one, for The consideration given was proportional to Shoot's fair value. On that date, Shoot had the following trial balance: account Additional paid in capital 95% $570,000 debit credit $100,000 Building (12-year life) $250,000 Common stock 170,000 Current assets 170,000 Equipment (6-yr life) 160,000 Land 110,000 Liabilities (due in 4 years) 300,000 Retained earnings 1/year 1 120,000 Totals $690,000 $690,000 During year one, Shoot reported net income of During year one, Shoot paid dividends of $50,000 $30,000 During year two, Shoot reported net income of During year two, Shoot paid dividends of $80,000 $40,000 On January 1, year one, fair values were: Land Building Equipment There was no impairment of any goodwill arising from the acquisition. $146,000 $265,000 $196,000