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These are two independent situations: 1. Sheridan Cosmetics acquired 13% of the 326,700 shares of...

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These are two independent situations: 1. Sheridan Cosmetics acquired 13% of the 326,700 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 $78,700 dividend. On December 31, Elite reported net income of $266,540 for the year. At December 31, the market price of Elite Fashion was $17 per share 2. Concord Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 28,200 outstanding shares of common stock at a total cost of $10 per share on January 1, 2020. On June 15, Kasey declared and paid a cash dividend of $33,700. On December 31, Kasey reported a net income of $125,600 for the year. Prepare all the necessary journal entries for 2020 for Sheridan 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.) Account Titles and Explanation Date Debit Credit

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