Parent purchased a 30% holding in Associate's common shares on January 1, 2020 for $1 million, at the date of acquisition, the retained earnings of Associate is $3 million. On December 31, 2022, Associate's retained earnings were $9.2 million. An impairment test conducted at year end revealed that the investment in the associate was impaired by $200,000. Requirement a.) Prepare the journal entry for the initial acquisition of the associate on January 1, 2020 b.) Calculate the investment in associate account as at December 31, 2022