QUESTION $3$

Kanta Industries purchased $25\%($a significant influence$)$ of Reagan's $100,000$ outstanding shares of common stock for $$9/$ share on January $1,2023.$ On June $15,$ Reagan declared and paid a cash dividend of $$1$ per share.

Reagan reported net income of $$285,000$ on December $31,2023.$

The Fair Value of Reagan's common stock was $$12/$ share on Decrember $31,2023.$

Prepare ALL necessary journal entries for $2023$ for Kanta Industries.