E9-9 Consolidation Entries for Multilevel Ownership LO 9-4 Azure Enterprises acquired 90 percent of Brown Corporation's voting common stock on January 1, 20X3, for $378,000. At that date, the fair value of the noncontrolling Interest of Brown Corporation was $42,000. Immediately after Azure acquired its ownership, Brown The fair value of the noncontrolling Interest of Coral Company was $92,000 at that date. During 20X3, Azure reported operating Income of $250,000 and paid dividends of $90,000. Brown reported operating Income of $120,000 and paid dividends of $65,000. Coral reported net income of $40,000 and paid dividends of $15,000. 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 Azure Enterprises $ 260,000 140,000 400, eee $800,000 Brown Corporation $190, eee se, eee 150, eee $420,000 Coral Company $110,000 80,000 40,000 $ 230,00 Required: a. Prepare the journal entries recorded by Brown for its Investment in Coral during 20X3. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record the purchase of Coral Company stock. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal b. Prepare the journal entries recorded by Azure for its Investment in Brown during 20X3. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) view transaction list Journal Entry Worksheet