PROBLEM #4: 8 points ( 4 je's) On January 1, 2021, Vacker Co. acquired 70% of Carper Inc. by paying $650,000 cash. Carper reported common stock on that date of $420,000 with retained earnings of $252,000. A building was undervalued in the company's financial records by $28,000. This building had a ten-year remaining life. Copyrights of $80,000 were to be recognized and amortized over 20 years. Carper earned income and paid cash dividends as follows: 2021 Net Income =$105,000 2021 Dividends paid =$54,600 On December 31, 2021, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition. Vacker used the equity method to account for any acquisition that resulted in majority interest. Record the 2021 journal entries that Vacker would have recorded internally for the Carper investment PROBLEM #4: 8 points ( 4 je's) On January 1, 2021, Vacker Co. acquired 70% of Carper Inc. by paying $650,000 cash. Carper reported common stock on that date of $420,000 with retained earnings of $252,000. A building was undervalued in the company's financial records by $28,000. This building had a ten-year remaining life. Copyrights of $80,000 were to be recognized and amortized over 20 years. Carper earned income and paid cash dividends as follows: 2021 Net Income =$105,000 2021 Dividends paid =$54,600 On December 31, 2021, Vacker owed $30,800 to Carper. There have been no changes in Carper's common stock account since the acquisition. Vacker used the equity method to account for any acquisition that resulted in majority interest. Record the 2021 journal entries that Vacker would have recorded internally for the Carper investment