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Interim Purchase of Stock, Cost Method LO 6 On May 1, 2020, Peters Company purchased 80% of the common stock of Smith Company for 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. Required: A. Prepare the workpaper entries that would be made on a consolidated statements workpaper for the years ended December 31, 2020 and 2021 for Peters Company and its subsidiary, assuming that Smith Company's income is earned evenly throughout the year. B. Calculate consolidated net income and consolidated retained earnings for 2020 and 2021