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Splish Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,127,000 for 49,000 shares. Kulikowski Inc. declared and paid an $0.90 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $781,000 for 2021. The fair value of Kulikowski's stock was $26 per share at December 31, 2021. (a) Your answer has been saved. See score details after the due date. Prepare the journal entries for Splish Inc. for 2020 and 2021, assuming that Splish cannot exercise significant influence over Kulikowski. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Dec 31, 2020 Equity Investments 1127000 Cash June 30, 2021 2 Cash 44100 Dividend Revenue Dec. 31. 2021 2 Cash 44100 Dividend Revenue (To record dividend.) Fair Value Adjustment 147000 Unrealized Holding Gain or Loss -Income (To record fair value.) (b) Prepare the journal entries for Splish Inc.for 2020 and 2021, assuming that Splish can exercise significant influence over Kulikowski. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Dec 31, 2020 Cash June 30, 2021 Cash Dec 31, 2021 Cash (To record dividend.) Investment income (To record revenue.) Attempts: 0 of 1 used Submit Answer Save for Later