Azure Enterprises acquired 90 percent of Brown Corporation's voting common stock on January 1, 20X3, for $387,000. At that date. the fair value of the noncontrolling interest of Brown Corporation was $43,000. Immediately after Azure acquired its ownership, Brown purchased 60 percent of Coral Company's stock for $132,000. The fair value of the noncontrolling interest of Coral Company was $88,000 at that date. During 20X3, Azure reported operating income of $300,000 and paid dividends of $100,000. Brown reported operating income of $160,000 and paid dividends of $60,000. Coral reported net income of $70,000 and paid dividends of $20,000 At January 1, 20X3, the stockholders' equity sections of the balance sheets of the companies were as follows: Common Stock Additional Paid-In Capital Retained Earnings Total Stockholders' Equity Required: Azure Enterprises $280,000 150,000 350,000 $780,000 Brown Corporation $ 180,000 80,000 170,000 $430,000 Coral Company $110,000 70,000 40,000 $220,000 a. Prepare the journal entries recorded by Brown for its investment in Coral during 20x3 b. Prepare the journal entries recorded by Azure for its investment in Brown during 20x3 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 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the journal entries recorded by Brown for its investment in Coral during 20x3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list view transaction list Consolidation Worksheet Entries < A B C Record the purchase of Coral Company stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries < A B C Record the dividends from Coral Company. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries < A B C Record the equity-method income. Note: Enter debits before credits. Event 3 General Journal Debit Credit Record entry Clear entry view consolidation entries >