Problem 2: Pledge, Inc, acquires 80 percent of the outstanding common stock of Spenoer Corporation on January 1, 2021, in exchange for $900,000 cash. At the acquisition date, Spencer's total fair value, including the noncontrolling interest, was assessed at $1,125,000. Also at the acquisition date, Spencer's book value was $690,000. Several individual items on Spencer's financial records had fair values that differed from their book values as follows: For internal reporting purposes, Pledge, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31,2021 , for both companies. Al year-enia, tnere were no intra-entity recesvadies or payables. Required: Prepare the consolidation journal entries to consolidate the financial statements of Pledge, Inc., and its subsidiary Spencer on December 31, 2021. (25 points) (S) (A) (I) (D) (E)