These are two independent situations:

Crane Cosmetics acquired $11\%$ of the $320,600$ shares of common stock of Elite Fashion at a total cost of $$13$ per share on March $18,2022.$ On June $30,$ Elite declared and paid a $$74,700$ dividend. On December $31,$ Elite reported net income of $$238,130$ for the year. At December $31,$ the market price of Elite Fashion was $$17$ per share.

Blue Inc. obtained significant influence over Kasey Corporation by buying $25\%$ of Kasey's $31,700$ outstanding shares of common stock at a total cost of $$10$ per share on January $1,2022.$ On June $15,$ Kasey declared and paid a cash dividend of $$35,200.$ On December $31,$ Kasey reported a net income of $$129,500$ for the year.

$($b$)$

Your answer is partially correct.

Prepare all the necessary journal entries for $2022$ for Blue Inc. $($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

Stock Investments

Cash

Cash

Dividend Revenue

$$