On the 4th of July 2020 Manchester Inco. Acquired 25% of Liverpool company's outstanding shares by paying 10$ per share, total paid for those shares were 60,000. At the end of 2020 you have the following summary for Liverpool investment in Manchester books Date Ref Debit Credit Balance Account titles and explanation 60,000 60,000 4th of July 2020 4,000 56,000 115th of November 2020 37,000 93,000 31st of December 2020 Required: 1. What are the journal entries recorded during 2020? 2. What will appear in the financial statements at the end of 2020? 3. How many shares does Liverpool has? 4. How much is the net income reported by Liverpool for the year of 2020