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

Assets

Total

$ 600,000 Liabilities

Common Stock

Retained Earnings

$ 600,000

Total

$ 100,000

300,000

200,000

$ 600,000

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.

Required: please solve all the following below

1. Give the journal entries recorded by Purple on its books during 20X7 if it accounts for its investment in Amber using the equity method.
2. record the initial investmenet in Amber Corporation
3. record purple co.'s 100% share of amber corp.'s 20X7 income.
4. record purple co.'s 100% share of amber corp.'s 20X7 dividend.
5. Give the consolidation entries needed on December 31, 20X7, to prepare consolidated financial statements.
6. record the basic consolidation entry

Give the journal entries recorded by Purple on its books during 207 if it accounts for its investment in Amber using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record Purple Co.'s 100\% share of Amber Corp.'s 20X7 dividend. Note: Enter debits before credits. Give the journal entries recorded by Purple on its books during 207 if it accounts for its investment in Amber using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record Purple Co.'s 100\% share of Amber Corp.'s 207 income. Note: Enter debits before credits. Give the consolidation entries needed on December 31,207, to prepare consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Note: Enter debits before credits. On January 1,207, 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 207 and paid dividends of $20,000. Required: a. Give the journal entries recorded by Purple on its books during 207 if it accounts for its investment in Amber using the equity method. b. Give the consolidation entries needed on December 31,207, to prepare consolidated financial statements. Give the journal entries recorded by Purple on its books during 207 if it accounts for its investment in Amber using the equity method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the initial investment in Amber Corporation. Note: Enter debits before credits