9 Trim Corporation acquired 100 percent of Round Corporation's voting common stock on January 1, 20x2, for $400,000. At that date, the book values and fair values of Round's assets and liabilities were equal. Round reported the following summarized balance sheet data: Assets 9 points $700,000 Accounts Payable Bonds Payable Common Stock Retained Earnings $700,000 Total $100,000 200,000 120,000 280,000 $700,000 Total eBook Round reported net income of $80,000 for 20x2 and paid dividends of $25,000. Ask Required: a. Give the journal entries recorded by Trim Corporation during 20x2 on its books if Trim accounts for its investment in Round using the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print View transaction list References Journal entry worksheet Record the initial investment in Round Corporation. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal b. Give the consolidation entries needed at December 31, 20X2, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Allehan Entries