PROBLEM II: PARENT COMPANY'S JOURNAL ENTRIES (12 POINTS) Pep Corporation acquired 80% of See Company on January 1, 2020 for $780,000 cash. The fair value of the other 20% ownership interest is estimated to be $195,000. ADDITIONAL INFORMATION: On the date of acquisition: * The Book Value of See Company's net identifiable assets was $700,000. * See's Company's Plant Assets were overvalued by $22,000 (remaining life was estimated to be 4 years). * See's Company's Inventories were undervalued by $76,000 (all sold by year end). * New Goodwill was determined to be $221,000. At year-end, it was determined that the New Goodwill was impaired BY $11,500. * For 2020, See reported net income of $146,500 and paid dividends of $60,000. REQUIRED: (RECALL THAT YOU NEED TO CLEARLY SHOW ALL OF YOUR WORK IN ORDER TO GET CREDIT FOR YOUR ANSWERS). Prepare Pep's 4 SEPARATE JOURNAL ENTRIES for 2020. Assume that Pep Company uses the fully adjusted equity method to account for its Investment in See