Problems 4 and 5 Plant Company acquired of the common stock of Shoot Company on January 1, year one, for On that date, Shoot had the following trial balance: account debit Additional paid in capital credit $100,000 Building (10-year life) $250,000 Common stock 170,000 Current assets 180,000 Equipment (6-yr life) 160,000 Land 110,000 Liabilities (due in 4 years) 310,000 Retained earnings 1/year 1 120,000 Totals $700,000 $700,000 100% $600,000 During year one, Shoot reported net income of During year one, Shoot paid dividends of $50,000 $30,000 During year two, Shoot reported net income of $80,000 During year two, Shoot paid dividends of $40,000 On January 1, year one, fair values were: Land Building Equipment $122,000 $265,000 $196,000