These are two independent situations:

1.	Sandhill Cosmetics acquired 13% of the 303,200 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 $80,600 dividend. On December 31, Elite reported net income of $227,690 for the year. At December 31, the market price of Elite Fashion was $17 per share.
2.	Monty Inc. obtained significant influence over Kasey Corporation by buying 25% of Kaseys 28,500 outstanding shares of common stock at a total cost of $10 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $36,300. On December 31, Kasey reported a net income of $109,800 for the year.

(a)

Prepare all the necessary journal entries for 2022 for Sandhill 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
choose a transaction date Mar. 18June 30Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Mar. 18June 30Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Mar. 18June 30Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount