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. - Your answer is partially correct Prepare all the necessaryjournal entries for 2022 for Wildhorse Cosmetics. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Unread Los on Available for Sale Securities 3889200 far. 18 3889200 10322 Ca 1022 Dividend Raven 5556 . For Value At All for Sale 5556 Used Gallo