Acorn Corporation owns $80$ percent of Beet Corporation's common stock. It purchased the shares on January $1,20$X$1,$ for $$520,000.$ At the date of acquisition, the fair value of the noncontrolling interest was $$130,000,$ and Beet reported common stock outstanding of $$380,000$ and retained earnings of $$190,000.$ The differential is assigned to a trademark with a life of five years. Each year since acquisition, Beet has reported income from operations of $$70,000$ and paid dividends of $$20,000.$

Beet purchases $70$ percent ownership of Corn Company on January $1,20$X$3,$ for $$399,000.$ At that date, the fair value of the noncontrolling interest was $$171,000,$ and Corn reported common stock outstanding of $$230,000$ and retained earnings of $$280,000.$ In $20$X$3,$ Corn reported net income of $$50,000$ and paid dividends of $$34,000.$ The differential is assigned to buildings and equipment with an economic life of $10$ years at the date of acquisition.

Required:

Prepare the journal entries recorded by Beet for its investment in Corn during $20$X$3.$

Prepare the journal entries recorded by Acorn for its investment in Beet during $20$X$3.$

Prepare the consolidation entries related to Beet's investment in Corn and Acorn's investment in Beet needed to prepare consolidated financial statements for Acorn and its subsidiaries at December $31,20$X$3.$