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Palmer Corporation acquired 70 percent of Krown Corporation's ownership on January 1, 20X8, for $149,800. At that date, Krown reported capital stock outstanding of $127,000 and retained earnings of $87,000, and the fair value of the noncontrolling interest was equal to 30 percent of the book value of Krown. During 20X8, Krown reported net income of $34,200 and comprehensive income of $40,200 and paid dividends of $29,200. Required: a. Present all equity-method entries that Palmer would have recorded in accounting for its investment in Krown during 20X8. a. Record the initial investment in Krown Corp. b. Record Palmer Corp.'s 70% share of Krown Corp.'s 20X8 income c. Record Palmer Corp.'s 70% share of Krown Corp.'s 20X8 dividend d. Record Palmer Corp.'s proportionate share of OCI from Krown Corp b. Present all elimination entries needed at December 31, 20X8, to prepare a complete set of consolidated financial statements for Palmer Corporation and its subsidiary. a. Record basic elimination entry b. Record other comprehensive income entry