Question 1 of 3 > 6/18 View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Pharoah Cosmetics acquired 13% of the 297,100 shares of common stock of Elite Fashion at a total cost of $15 per share on March 18, 2019. On June 30, Elite declared and paid a $73,900 dividend. On December 31, Elite reported net income of $253,260 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2. Flounder Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 28,600 outstanding shares of common stock at a total cost of $10 per share on January 1, 2019. On June 15, Kasey declared and paid a cash dividend of $38,500. On December 31, Kasey reported a net income of $122,500 for the year. (a) Your answer is partially correct. Prepare all the necessary journal entries for 2019 for Pharoah Cosmetics. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation 4456500 ar 18+ Unrealized Loss on Available for Sale Securities 4456500 Cash Question 1 of 3 6/18 III Your answer is partially correct. Prepare all the necessary journal entries for 2019 for Pharoah Cosmetics. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit lar. 18 Unrealized Loss on Available-for-Sale Securities 4456500 Cash 4456500 ine 302 Cash 9607 Dividend Revenue 9607 ec. 31 Fair Value Adjustment-Available-for-Sale 297100 Unrealized Gain or Loss-Equity 297100 e Textbook and Media List of Accounts Submit Answer Attempts: 1 of 3 used Save for Later (6)