Q2 Ch: investments

Presented below are twoindependent situations. 1. Wildhorse Cosmetics acquired 15% of the 120,500 ordinary shares of Racine Fashion at a total cost of 613 per share on March 18, 2020. On June 30, Racine declared and paid a 667,900 dividend. On December 31, Racine reported net income of 6120,900 for the year. At December 31, the market price of Racine Fashion was 15 per share. The shares are classified as non-trading 2. Blossom Ltd. obtained significant influence over Nowak Industries by buying 40% of Nowak's 29,200 outstanding ordinary shares at a total cost of 68 per share on January 1,2020. On June 15. Nowak declared and paid a cash dividend of E28.500. On December 31, Nowak reported a net income of 683,100 for the year. Prepare all the necessary journal entries for 2020 for (a) Widdorse Cosmetics and (b) Blossom Ltd. (Credit occount tittes are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the prablem. If no eniry is required, select "No entry" for the occount titles and enter O for the amounts: Date Account Titles and Explanation Debit Credit Question 2 of 11 (b) eTextbook and Media List of Acciounts