Pidris Company acquired 90% of Sunny Inc. on January 31, 2020 in exchange for cash. The book value of Sunny's individual assets and liabilities approximated their acquisition-date fair values. On the date of acquisition, Sunny reported the following: Current Liabilities $ 70,000 Cash Inventory Plant Assets (net) Property Total Asses $ 350,000 100,000 320,000 500,000 $1.270.000 Common Stock Retained Earnings Total Liabilities & Equity 100,000 1,100,000 $ 1.270.000 During the year Sunny Inc. reported $400,000 in net income and declared $200,000 in dividends. Lidris Company reported $520,000 in net income and declared $250,000 in dividends. Pidris accounts for their investment using the equity method. 1. What journal entry will Pidris, make on the date of acquisition to record the investment in Sunny Inc.? (3 points) 2. What is Pidris's balance in Investment in Sunny Inc." prior to consolidation on December 31, 2020? (5 points)