Question 8 of 11 - /5 E : View Policies Current Attempt in Progress These are two independent situations: 1. Blossom Cosmetics acquired 12% of the 326,100 shares of common stock of Elite Fashion at a total cost of $15 per share on March 18, 2022. On June 30, Elite declared and paid a $74,400 dividend. On December 31, Elite reported net income of $240,150 for the year. At December 31, the market price of Elite Fashion was $17 per share. 2. Ayayai Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 28,200 outstanding shares of common stock at a total cost of $11 per share on January 1, 2022. June 15, Kasey declared and paid a cash dividend of $32,700. On December 31, Kasey reported a net income of $117,100 for the year. (a) Prepare all the necessary journal entries for 2022 for Blossom 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 List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above