PLEASE HELP WITH PART B

On May 1, 2015, Peters Company purchased 80% of the common stock of Smith Company for $48,700. Additional data concerning these two companies for the years 2015 and 2016 are: Any difference between book value and the value implied by the purchase price relates to Smith Company's land. Peters Company uses the cost method to record its investment. (a) Your answer is correct. Prepare the workpaper entries that would be made on a consolidated statements workpaper for the years ended December 31