PLEASE EXPLAIN HOW TO CALCULATE THIS ANSWER. WITHOUT EXCEL. THANK YOU!

Presented below are two independent situations.

Harris Cosmetics acquired 20% of the 300,000 shares of common stock of Sia Collective at a total cost of

$16 per share on July 18, 2020. On September 30, Sia Collective declared and paid a $40,000 dividend. On December 31, Sia Collective reported net income of $160,000 for the year. At December 31, the market price of Sia Collective Fashion was $20 per share. The stock is classified as available-for-sale.

West, Inc., obtained significant influence over Cudi Corporation by buying 30% of Cudi's 50,000 outstanding shares of common stock at a total cost of $8 per share on March 1, 2020. On August 15, Cudi declared and paid a cash dividend of $70,000. On December 31, Cudi reported a net income of $110,000 for the year.

INSTRUCTIONS:

a) Prepare journal entries for the books of Harris Cosmetics.

b) Prepare journal entries for the books of West, Inc.

Dates should be keyed as (ex. Month DD). Account titles must be appropriate and spelled correctly to receive any credit. Refer to the provided word bank for assistance. Amounts must be written using commas (ex. 12,000).

1. July 18
2. Stock Investments
3. 960,000
4. Cash
5. 960,000
6. September 30
7. Cash
8. 8,000
9. Dividend Revenue
10. 8,000
11. December 31
12. Fair Value Adjustment-AFSN
13. 240,000
14. Unrealized Gain or Loss-Equity
15. 240,000
16. March 1
17. Stock Investments
18. 120,000
19. Cash
20. 120,000
21. August 15
22. Cash
23. 21,000
24. X.Stock Investments
25. 21,000
26. December 31
27. Stock Investments
28. 33,000
29. Revenue from Stock Investments
30. 33,000

Harris Cosmetics Account Titles Credit Date [al [b] Debit [c] [e] U [g] [h] [k] 0 [m] [n] [ol West, Inc. Account Titles Date [p] Credit [al Debit ol [s] [t] v [w] [x] [y] [z] [aa] [ab] [ac] [ad]