Question .1 Case-1 Ponds Corporation acquired 15% of the 300,000 ordinary shares of Dabur Company at a total cost of 15 per share on April 1, 2018. On July 1, Dabur declared and paid a $115,000 cash dividend. On December 31, Dabur reported a net income of $183,000 for the year. At December 31 the market price of Dabur was $16 per share. The investment is classified as trading. Case-2 EMI Corporation obtained a significant influence over Jolt Corporation by buying 30% of the Jolt's 40,000 outstanding ordinary shares at a total cost of $ 10 per share on January 2018.On June 15; Jolt declared and paid a cash dividend of $54,000.On December 31, Messi reported a net income of $125,000 for the year. Required: Prepare all necessary entries in 2018 for both cases. Question. 2 On January 1,2015, Kinetic Corporation issued 10-year, $3000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible in to 15 ordinary shares of Kinetic. Kinetics' net income in 2016 was $240,000, and its tax rate was 40%. Interest expense on the 100,000 ordinary shares outstanding throughout 2015. None of the bonds were converted in 2015. Required: 1.Compute diluted earnings per share. 2.Compute diluted earnings per share for 2015, assuming the same facts above, except that $1000,000 million of 6% convertible preference shares were issued instead of the bonds. Each $100 preference share is convertible to 5 ordinary shares of Kinetic