Azure Enterprises acquired 80 percent of Brown Corporation's voting common stock on January 1, 2 $312,000. At that date, the fair value of the noncontrolling interest of Brown Corporation was $78,00 Immediately after Azure acquired its ownership, Brown purchased 70 percent of Coral Company's sto $164,500. The fair value of the noncontrolling interest of Coral Company was $70,500 at that date. Du Azure reported operating income of $230,000 and paid dividends of $100,000. Brown reported opera of $180,000 and paid dividends of $65,000. Coral reported net income of $80,000 and paid dividend $20,000. At January 1, 20X3, the stockholders' equity sections of the balance sheets of the companies follows: Common Stock Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Azure Enterprises $240,000 170,000 370,000 $780,000 Brown Corporation $160,000 90,000 140,000 $390,000 Coral Company $120,000 80,000 35,000 $ 235,000 Required: a. Prepare the journal entries recorded by Brown for its investment in Coral during 20X3. (If no entry is rec for a transaction/event, select "No journal entry required in the first account field.) Answer is complete and correct. nahit Credit work you have completed so far. It does not indicat completion. Return to question Answer is complete and correct. No Event A 1 General Journal Investment in Coral Company stock Cash Debit Credit 164,500 164,500 B 2 Cash Investment in Coral Company stock 14,000 14,000 C 3 Investment in Coral Company stock Income from Coral Company 56,000 56,000 Prepare the journal entries recorded by Azure for its investment in Brown during 20X3. (If no entry is required "No journal entry required in the first account field.) is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Answer is complete and correct. No Event General Journal Debit A 1 Credit Investment in Brown Corporation stock Cash 312,000 312,000 B 2 Cash Investment in Brown Corporation stock 52.000 52.000 C 3 188,800 Investment in Brown Corporation stock Income from Brown Corporation 188,800 c. Prepare the consolidation entries related to Brown's investment in Coral and Azure's investment in Brown that are needed in preparing consolidated financial statements for Azure and its subsidiaries at December 31, 20X3. (If No iournal entry required in the first account field.) omplete. No Event A 1 Debit Credit Accounts Common stock Additional paid-in capital Retained earnings Income from Coral Company NCI in NI of Coral Company Dividends declared Investment in Coral Company NCI in NA of Coral Company 120,000 80,000 35,000 56,000 32,000 X 20,000 2 160,000 90.000 140,000 Common stock Additional paid-in capital Retained earnings Income from Brown Corporation NCI in NI of Brown Corporation Dividends declared Investment in Brown Corporation NCI in NA of Brown Corporation