Pronto Company acquired of the common stock of Slow Company on January 1, year one, for On that date, Slow had the following trial balance: account debit credit Additional paid in capital $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 $690,000 100% $600,000 During year one, Slow reported net income of During year one, Slow paid dividends of $60,000 $30,000 During year two, Slow reported net income of $80,000 During year two, Slow paid dividends of $40,000 On January 1, year one, fair values were: Land Building $146,000 $274,000 Equipment $172,000 There was no impairment of any goodwill arising from the acquisition. Please indicate clearly which method you choose for Pronto to use to account for its acquisition of Slow Company. Problem 4. Use the data for the Pronto Company acquisition of the Slow Company to prepare the consolidation worksheet entries for December 31 of year one. Problem 5. Use the data for the Pronto Company acquisition of the Slow Company to prepare the consolidation worksheet entries for December 31 of year two.