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Peer Company acquired of the common stock of Sight Company January 1, year one, for The consideration given was proportional to Sight' fair value. On that date, Sight had the following trial balance: debit account SIO,ooo Additional paid in capital $250,000 Building (12-year life) Common stock Current assets 170,000 Equipment 160,000 110,000 Land Liabilities (due in 4 years) Retained eamings l/year 1 Totals During year one, Sight reported net income of 170,000 300,000 S690 ooo During year one, Sight paid dividends of During year two, Sight reported net income of During _year two, Sight paid dividends of On January 1, year one fair values of certain Sight's accounts were: $450,000 S50,ooo $30,000 S80,ooo $40,000 Land Building Equipment S122,ooo $265,000 Sl 7210000 There was no impairment of any goodwill arising from the acquisition, Please use Equity method for Peer to account for its acquisition of Sight Company. Use the data for the Peer Company acquisition of the Sight Company to prepare the consolidation entries (Journal Entries) for December 31 of year one. For clarityv use the entry labels like S, A, I and so on.