1. Cullumber Cosmetics acquired 13% of the 301,200 shares of common stock of Elite Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Elite declared and paid a $70,100 dividend. On December 31, Elite reported net income of $226,500 for the year. At December 31, the market price of Elite Fashion was $15 per share.
2. Bramble Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey’s 32,700 outstanding shares of common stock at a total cost of $10 per share on January 1, 2019. On June 15, Kasey declared and paid a cash dividend of $31,600. On December 31, Kasey reported a net income of $116,000 for the year.
Required:
Prepare all the necessary journal entries for 2019 for Cullumber Cosmetics.
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