Entries 7,8, and 9 are incorrect. Please advise.

Harper, Incorporated, acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2023, for $297,600 in cash. The book value of Kinman's net assets on that date was $580,000, although one of the company's buildings, with a $75,000 carrying amount, was actually worth $127,500. This building had a 10 -year remaining life. Kinman owned a royalty agreement with a 20 -year remaining life that was undervalued by $111,500. Kinman sold inventory with an original cost of $75,600 to Harper during 2023 at a price of $108,000. Harper still held $17,400 (transfer price) of this amount in inventory as of December 31, 2023. These goods are to be sold to outside parties during 2024. Kinman reported a $43,400 net loss and a $22,900 other comprehensive loss for 2023 . The company still manages to declare and pay a $24,000 cash dividend during the year. During 2024 , Kinman reported a $46,400 net income and declared and paid a cash dividend of $26,000. It made additional inventory sales of $138,000 to Harper during the period. The original cost of the merchandise was $86,250. All but 30 percent of this inventory had been resold to outside parties by the end of the 2024 fiscal year. Required: Prepare all journal entries for Harper for 2023 and 2024 in connection with this investment. Assume that the equity method is applied. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. View transaction list View journal entry worksheet