Amber Corporation reported the following summarized balance sheet data on December 31, 2018:

Assets	$	700,000		Liabilities	$	100,000
				Common Stock		400,000
				Retained Earnings		200,000
Total	$	700,000		Total	$	600,000

On January 1, 2019, Purple Company acquired 100 percent of Ambers stock for $600,000. At the acquisition date, the book values and fair values of Ambers assets and liabilities were equal. Amber reported net income of $70,000 for 20X7 and paid dividends of $40,000. Required: a. Give the journal entries recorded by Purple on its books during 2019 if it accounts for its investment in Amber using the equity method.

b. Give the consolidation entries needed on December 31, 2019, to prepare consolidated financial statements.

c. What is the balance in the Investment in Amber account on the consolidated balance sheet at December 31, 2019?