Kanta Industries purchased $18\%($NO significant influence$)$ of Reagan's $50,000$ outstarlding shares of common stock for $$9/$share on January $1,2023.$

On June $15,$ Reagan declared and paid a cash dividend of $$1$ per share.

Reagan reported net income of $$85,000$ on December $31,2023.$

The Fair Value of Reagan's common stock was $$12/$share on December $31,2023.$

Prepare ALL necessary journal entries for $2023$ for Kanta Industries.