Amber Corporation reported the following summarized balance sheet data on December 31, 20x6: 10 Assets $100,000 300,000 $600,000 Liabilities Common Stock Retained Earnings $600,000 Total 200,000 $600,000 Total 9 points On January 1, 20X7, Purple Company acquired 100 percent of Amber's stock for $500,000. At the acquisition date, the book values and fair values of Amber's assets and liabilities were equal. Amber reported net income of $50,000 for 20x7 and paid dividends of $20,000. eBook Required: a. Give the journal entries recorded by Purple on its books during 20x7 if it accounts for its investment in Amber using the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Ask View transaction list Print a References Journal entry worksheet Record the initial investment in Amber Corporation. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal b. Give the consolidation entries needed on December 31, 20X7, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries