View Policies Show Attempt History Current Attempt in Progress n Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $730,000 for 2021. The fair value of Kulikowski's stock was $27 per share at December 31, 2021. (a) Your answer is partially correct. Prepare the journal entries for Jaycie Phelps Inc. for 2020 and 2021, assuming that Phelps cannot exercise significant influence over Kulikowski. (Credit account titles are automatically indented when 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 .31, 2020 Cash Dividend Revenue Debit Credit 42500 0 42500