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 31, 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 Date Account Titles and Explanation Debit Credit Mar. 18 Stock Investments 483,000 Cash 4830 June 30 Cash 9.624 Dividend Revenue 9. Dec 31 Fair Value Adjustment Stock 68,880 Unrealized Gain or Loss Income 68,8