solve C

Ceradyne Corporation acquired 25% of the common shares of Sharp Inc. on January 1, 2022, by paying $2,176,000 for 76,800 shares Both companies are publicly traded companies. Sharp declared and paid a $0.50 per share cash dividend on June 30 and again on December 31, 2022. Sharp reported net income of 51.024,000 for the year. At December 31, the fair value of the Sharp shares was $29 per share. (a) Your answer is correct Prepare the journal entries for Ceradyne Corporation for 2022 assuming Ceradyne cannot exercise significant influence over Sharp and decides to hold the shares as a trading investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Debit Credit Account Titles and Explanation Trading Investments Jan 1 2176000 Cash 2176000 June 30 Cash 38400 Date Account Titles and Explanation Debit Credit Jani Trading Investments 2176000 Cnn 2176000 June 30 Cash 38400 Dividend Income 38400 Dec 31 Cash 38400 Dividend Income 38.400 (To record dividends) Dec 31 Trading investments 51200 51200 Urealized Gain on Trading Investments (To record unrealized gain / loss on trading investments.) Attempt 1 of 2 used Date Account Titles and Explanation Debit Credit Jan Investment in Associates 2176000 Cash 2178000 June 30 Cash 33400 Investment in Associates 35000 Dec 31 Cash 38400 Investment in Associates 38400 (To record dividends.) Dec 31 Investment in Acciates 256000 Income trom Associates 256000 (To record share in profit.) Attempts: 1 of 2 used Using multiple attempts will impact your score The board of directors of Ceradyne Corporation is confused about the differences between the financial statement presentation of the fair value through profit or less model and culty method. Show in tabular form the account balances under exch method at December 31, 2022 Fair value through Proht and Loss Model Equity Model Investment-Sharp, Dec 31/22 Dividend income Income from associates Norcalized gain on Trading Investments Same for Later Attempts: 0 of 2 used Submit Answer Using multiple attempts will impact your score SON score reduction after attempt 1