Playtown Corporation purchased

$7$

$5$

$$percent of Sandbox Company common stock and

$4$

$0$

$$percent of its preferred stock on January

$1$

$,$

$2$

$0$

X

$6$

$,$

$$for $

$2$

$7$

$0$

$,$

$0$

$0$

$0$

$$and $

$8$

$0$

$,$

$0$

$0$

$0$

$,$

$$respectively$.$ At the time of purchase, the fair value of Sandbox's common shares held by the noncontrolling interest was $

$9$

$0$

$,$

$0$

$0$

$0$

$.$

$$Sandbox$\text{'}$s balance sheet contained the following balances:

Preferred Stock

$($

$

$1$

$0$

$$par value

$)$

$$$

$2$

$0$

$0$

$,$

$0$

$0$

$0$

Common Stock

$($

$

$5$

$$par value

$)$

$1$

$5$

$0$

$,$

$0$

$0$

$0$

Retained Earnings

$2$

$1$

$0$

$,$

$0$

$0$

$0$

Total Stockholders' Equity $

$5$

$6$

$0$

$,$

$0$

$0$

$0$

For the year ended December

$3$

$1$

$,$

$2$

$0$

X

$6$

$,$

$$Sandbox reported net income of $

$7$

$0$

$,$

$0$

$0$

$0$

$$and paid dividends of $

$5$

$0$

$,$

$0$

$0$

$0$

$($

which includes the preferred dividend

$)$

$.$

$$The preferred stock is cumulative and pays an annual dividend of

$8$

$$percent$.$

Required:

Prepare the journal entries recorded by Playtown for its investments in Sandbox during

$2$

$0$

X

$6$

$.$

Prepare the consolidation entries needed to prepare the consolidated financial statements for Playtown Corporation as of December

$3$

$1$

$,$

$2$

$0$

X

$6$

$.$

No Event General Journal Debit Credit

A

$1$

$$Investment in Sandbox preferred stock

$8$

$0$

$,$

$0$

$0$

$0$

$$

Investment in Sandbox common stock

$2$

$7$

$0$

$,$

$0$

$0$

$0$

$$

Cash

$3$

$5$

$0$

$,$

$0$

$0$

$0$

B

$)$

$-$

Cash

$?$

$-$

Investment in Sandbox common stock

$?$

C

$)$

$-$

Cash

$?$

$-$

Dividend income

$?$

D

$)$

$-$

Investment in Sandbox common stock

$?$

$-$

Income from Sandbox Company

$?$

No Event Accounts Debit Credit

A

$)$

$-$

Preferred stock

$2$

$0$

$0$

$,$

$0$

$0$

$0$

$$

$-$

Common stock

$1$

$5$

$0$

$,$

$0$

$0$

$0$

$$

$-$

Retained earnings

$2$

$1$

$0$

$,$

$0$

$0$

$0$

$$

$-$

Income from Sandbox Company

$?$

$-$

Dividend income

$$

Preferred

$?$

$-$

Dividend decleared

$-$

$$common

$3$

$4$

$,$

$0$

$0$

$0$

$-$

Investment in Sandbox Company common stock

$?$

$-$

NCI in NA of Sandbox Company

$?$

please help me find calculate all questions mark. Explain