Question 8 of 11 1.55 / 5 TIL View Policies Show Attempt History Current Attempt in Progress These are two independent situations: 1. Sunland Cosmetics acquired 12% of the 287,500 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2022. On June 30, Elite declared and paid a $80,200 dividend. On December 31, Elite reported net income of $228,100 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2. Culver Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 29,100 outstanding shares of common stock at a total cost of $11 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $38,500. On December Kasey reported a net income of $122,900 for the year. (a) Your answer is partially correct. Prepare all the necessary journal entries for 2022 for Sunland Cosmetics. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select Question 8 of 11 1.55 / 5 III Tour driver is par llally correct. Prepare all the necessary journal entries for 2022 for Sunland Cosmetics. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the 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 Credit Mar. 18 for 442750 Cash 442750 June 30 Cash 9624 Dividend Revenue 9624 Dec. 31 Fair Value Adjustment-Available-for-Sale 63250.00 Unrealized Gain or Loss-Income 63250 List of Accounts