These are two independent situations:

1

Sunland Cosmetics acquired 11% of the 313.700 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 $82,200 dividend. On December 31, Elite reported net income of

$233,070 for the year. At December 31, the market price of Elite Fashion was $17 per share.

2.

Marigold Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 31,600 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

$33.500. On December 31. Kasev reported a net income of $129.100 for the vear.

These are two independent situations: 1. Sunland Cosmetics acquired 11% of the 313,700 shares of common stock of Elite Fashion at a total cost of 514 per share on March 18, 2022. On June 30. Elite declared and paid a 582.200 dividend. On December 31. Elite reported net income of $233.070 for the year. At December 31, the market price of Elte Fashion was $17 per share. 2. Marigold Inc obtained signifcant influence over Kasey Corporation by buylng 25\$ of Kasey's 31,600 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 \$33,500. On December 31, Kasey reported a net income of $129.100 for the year. (a) Prepare all the necessary journal entries for 2022 for Sunland Cosmetics. (Record /oumal entries in the order presented in the problem. Credit occount tieles are eutomatically indented when the amount is entered. Do not indent manuoly. If no entry b required, select 'No Entry' for the account tities and enter O for the amounts]