This is a consolidation question:

ABC Corporation acquired 30,000 of the 100,000 outstanding common shares of XYZ Company on January 1, 2020. for a cash consideration of $300,000. During 2020, XYZ Company had net income of $220,000 and paid dividends of $70,000. At the end of 2020, shares of XYZ Company were trading for $9 each. Use the trading amount at year end as the FV indicator to evaluate whether impairment of the investment exists. ABC Corporation uses the equity method. Required: WRITE YOUR RESPONSE IN YOUR EXCEL DOCUMENT. 1. Calculate for ABC Corporation the ending balance (December 31, 2020} of the Investment Account {in XYZ}. ABC Corporation uses the equity method. 2. Provide the journal entries for ABC Corporation for ALL items impacting the Investment Account in 2020