These are two independent situations:

Pharoah Cosmetics acquired $13\%$ of the $297,100$ shares of common stock of Elite Fashion at a total cost of $$15$ per share

on March $18,2022.$ On June $30,$ Elite declared and paid a $$73,900$ dividend. On December $31,$ Elite reported net income of

$$253,260$ for the year. At December $31,$ the market price of Elite Fashion was $$16$ per share.

Flounder Inc. obtained significant influence over Kasey Corporation by buying $25\%$ of Kasey's $28,600$ 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 $$38,500.$ On December $31,$ Kasey reported a net income of $$122,500$ for the year.

$($a$)$

Prepare all the necessary journal entries for $2022$ for Pharoah Cosmetics. $($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 $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credi