Highbeam Corporation exchanged 35,000 shares of its \(\$ 5\) par value common stock for 90 percent ownership of Copper Company on April 1, 20X2, in a business combination recorded as a pooling of interests. On January 1, 20X2, Copper Company reported the following stockholders' equity balances:

Operating results and dividend payments by Copper Company for \(20 \mathrm{X} 2\) were as follows:

Highbeam uses the equity method in recording its investment in Copper Company.
\section*{Required}

a. Prepare the journal entries recorded by Highbeam in \(20 \mathrm{X} 2\) for its investment in Copper Company.

b. Give the workpaper eliminating entries needed at December \(31,20 \times 2\), to prepare consolidated financial statements.

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Common Stock $160,000 Additional Paid-In Capital 40,000 Retained Earnings 150,000 Total Stockholders' Equity $350.000