These are two independent situations: 1. Wildhorse Cosmetics acquired 13% of the 277,800 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 $79,400 dividend. On December 31, Elite reported net income of $258,060 for the year. At December 31 , the market price of Elite Fashion was $16 per share. 2. Novak Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 28.700 outstanding shares of common stock at a total cost of $12 per share on January 1, 2022. On June 15, Kasey declared and paid a cash dividend of $38,300. On December 31, Kasey reported a net income of $113,000 for the year