Amber Corporation reported the following summarized balance sheet data on December 31, 20X6:

Assets$600,000, Liabilities$100,000, Common Stock 300,000, Retained Earnings 200,000

On January 1, 20X7, Purple Company acquired 100 percent of Ambers stock for $500,000. At the acquisition date, the book values and fair values of Ambers assets and liabilities were equal. Amber reported a net income of $50,000 for 20X7 and paid dividends of $20,000.

Give the consolidation entries needed on December 31, 20X7, to prepare consolidated financial statements.

(So far I have the debit JEs below, but they are incomplete for this question)

Income from Amber Corporation 50,000

Common Stock 300,000

Retained Earnings 200,000

Investment in Amber Corporation