Please indicate clearly which method you choose for Place to use to account for its acquisition of Site Company. Problem 4. Use the data for the Place Company acquisition of the Site Company to prepare the consolidation worksheet entries for December 31 of year one. For clarity, use the entry labels like S, A, I and so on. Problem 5. Use the data for the Place Company acquisition of the Site Company to prepare the consolidation worksheet entries for December 31 of year two. Problems 4 and 5 Place Company acquired 95% of the common stock of Site Company January 1, year one, for The consideration given was proportional to Site' fair value. On that date, Site had the following trial balance: account Additional paid in capital $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, Site reported net income of During year one, Site paid dividends of $50,000 $30,000 During year two, Site reported net income of During year two, Site paid dividends of $80,000 $40,000 On January 1, year one, fair values were: Land $125,000 Building $295,000 $205,000 Equipment There was no impairment of any goodwill arising from the acquisition.