stion 1 wet vered ked out of 0 Flag question Peep Corporation acquired 100% of Seen Corporation's outstanding voting common stock on January 1, 2019, for $660,000 cash. Seen's stockholders' equity on this date consisted of $300,000 capital stock and $300,000 retained earnings. The difference between the fair value of Son and the underlying equity acquired in Seen was allocated $30,000 to Seen's undervalued inventory and the remainder to goodwill. The undervalued inventory items were sold by Seen during 2019. Peep made sales of $100,000 to Seen at a gross profit of $40,000 during 2019; during 2020, Peep made sales of $120,000 to Seen at a gross profit of $48,000. One-half the 2019 sales were inventoried by Seen at year-end 2019, and one-fourth of the 2020 sales were inventoried by Seen at year-end 2020. The separate financial statements of Peep and Seen Corporations at and for the year ended December 31, 2020, are summarized as follows: Eliminations Consolidated Peep Seen Debit Credit INCOME STATEMENT Sales $ 800,000 $400,000 Income of Seen Cost of Sales Other Expenses & Depreciation (400,000) (200,000) (302,000) (100,000) 206,000 100,000 Net income Retained Earnings 1/1 606,000 380,000 Add: Net income 206,000 100,000 Net income 206,000 100,000 380,000 606,000 206,000 Retained Earnings 1/1 Add: Net Income Less: Dividends Retained Earnings 12/31 (100,000) 100,000 (50,000) 430,000 712,000 BALANCE SHEET 127,000 124,000 90,000 60,000 Cash Receivables Inventories Plant assets-net Investment in Son Co. 100,000 80,000 600,000 750,000 748,000 1,812,000 TOTAL ASSETS TOTAL ASSETS 867,000 100 LIAB. & EQUITY 137,000 Accounts payable Capital Stock ($10 par) Retained Earnings 500,000 600,000 712,000 300,000 430,000 TOTAL LIAB. & EQUITY 1,812,000 867,000 You are required to complete the consolidated financial statements and show all the calculations