12. Sunshine Inc. has the following transactions pertaining to the common stock. Section C: Long Answer questions - Answer any TWO (2 x 5 marks = 10 marks) Jan. 1 April 15 May18 June 1 July 1 Aug.30 Oct.1 Dec.31 Dec.31 Bought 40% of Sealand 60,000 outstanding shares of common stock at a cost of $12 per share, obtaining significant influence over Sealand Corp Sealand declared and paid a cash dividend of $45,000. Acquired 5% of the 400,000 shares of common stock of Bluewater Corp. at a total cost of $6 per share Purchased 500 shares (2% ownership) of Young Company common stock for $30 per share plus brokerage fees of $400. Sold 100 shares of Young stock for $3,300, less a $50 brokerage fee. Bluewater declared and paid a $75,000 dividend. Received a dividend of $1.25 per share of Young Company. Bluewater Corp. reported net income of $244,000 for the year Sealand reported net income of $120,000 for the year At December 31, the market price of Bluewater Corp was $13 per share and the Young Company was $ 25. The stock is classified as trading securities Required: Prepare the journal entries for Sunshine Inc. for 2020