Balance sheet, income, and dividend data for Amber Corporation, Blair Corporation, and Carmen Corporation at January $1,20$X$3,$ were as follows: b$.$ Prepare all journal entrles recorded by Amber relating to its investment in Blair during $203.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account fleld.

A Record the purchase of Blair Corporation.

B Record the dividends received from Blair Corporation.

C Record the equity$-$method income.

D Record the entry to amortize the differential.

Note : $O$ journal entry has been entered

Account Balances Amber Corporation Blair Corporation Carmen Corporation

Assets

Cash $ $70,000$ $ $60,000$ $ $20,000$

Accounts Receivable $120,00080,00040,000$

Inventory $100,00090,00065,000$

Fixed Assets $($net$)450,000350,000240,000$

Total Assets $ $740,000$ $ $580,000$ $ $365,000$

Liabilities & Equity

Accounts Payable $ $105,000$ $ $110,000$ $ $45,000$

Bonds Payable $300,000200,000120,000$

Common Stock $150,00075,00090,000$

Retained Earnings $185,000195,000110,000$

Total Liabilities & Equity $ $740,000$ $ $580,000$ $ $365,000$

Income from Operations in $20$X$3$ $ $220,000$ $ $100,000$

Net Income for $20$X$3$ $ $50,000$

Dividends Declared & Paid $60,00030,00025,000$

On January $1,20$X$3,$ Amber Corporation purchased $40$ percent of the voting common stock of Blair Corporation by issuing common stock with a par value of $$40,000$ and fair value of $$130,000.$ Immediately after this transaction, Blair purchased $25$ percent of the voting common stock of Carmen Corporation by issuing bonds payable with a par value and market value of $$51,500.$

On January $1,20$X$3,$ the book values of Blair$$s net assets were equal to their fair values except for equipment that had a fair value $$30,000$ more than book value and patents that had a fair value $$25,000$ more than book value. At that date, the equipment had a remaining economic life of eight years, and the patents had a remaining economic life of five years. The book values of Carmen$$s assets were equal to their fair values except for inventory that had a fair value $$6,000$ in excess of book value and was accounted for on a FIFO basis.

Required:

Compute the net income reported by Amber Corporation for $20$X$3,$ assuming Amber and Blair used the equity method in accounting for their intercorporate investments.

Prepare all journal entries recorded by Amber relating to its investment in Blair during $20$X$3.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.