Exercise H-05 a-b These are two independent situations: 1. Sheridan Cosmetics acquired 11% of the 295,200 shares of common stock of Elite Fashion at a total cost of 513 per share on March 18, 2020. On June 30, Elite declared and paid a $72,300 dividend. On December 31, Elite reported net income of $230,870 for the year. At December 31, the market price of Elite Fashion was $15 per share. 2. Grouper Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 29,300 outstanding hares of common stock at a total cost of $11 per share on January 1, 2020. On June 15, Kasey declared and paid a cash dividend of $36,600. On December 31 Kay reported a net income of $129,000 for the year. Do not Prepare all the necessary journal entries for 2020 for Sheridan Cosmetics. (Credit account titles are automatically indented when the amount is entere indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Prepare all the necessary journal entries for 2020 for Grouper Inc. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit