Gambino Cosmetics acquired 10% of the 242,500 shares of common stock of Nevins Fashion at a total cost of $12 per share on March 18, 2017. On June 30, Nevins declared and paid a $52,600 dividend. On December 31, Nevins reported a net income of $112,000 for the year. On December 31, the market price of Nevins Fashion was $14 per share. The stock is classified as available for sale.

Prepare all the necessary journal entries for 2017 for Gambino Cosmetics.

Do not copy Chegg and give a complete answer with an explanation. Show proper calculation.