Exercise H-5 (Part Level Submission) These are two independent situations 1. Wildhorse Cosmetics acquired 13% of the 321,100 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2019. On June 30, Elite declared and paid a $70,400 dividend. On December 31, Elite reported net income of $231,410 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2. Swifty Inc obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32 600 outstanding shares of com non stock at a total cost of Stoper share on an ary 1.20 ) n unei case, de a da pa da dividend of $33,400. On December 31, Kasey reported a net income of $113,000 for the year Prepare all the necessary journal entries for 2019 for Wildhorse Cosmetics. (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 ExplanationDebit Credit Click if you would like to Show Work for this question: Open Show Work Exercise H-4 (Part Level Submission) on January 1 Pharoah Corporation purchased a 25% equity investment in Shane Corporation for $152 2 At December 31 Shane declared and paid a S76 700 cash dividend and reported net ncome of $356,800 (a) Journalize the transactions. (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 Credit (To record dividend) (To record 25% equity investment) Click if you would like to Show Work for this question: Qpen Show Work