Current Attempt in Progress

Presented below are two independent situations.

Carla Vista Cosmetics acquired $15\%$ of the $182,000$ ordinary shares of Racine Fashion at a total cost of $10$ per share on

March $18,2020.$ On June $30,$ Racine declared and paid a $41,900$ dividend. On December $31,$ Racine reported net income of

$116,600$ for the year. At December $31,$ the market price of Racine Fashion was $12$ per share. The shares are classified as

non$-$trading.

Kingbird Ltd$.$ obtained significant influence over Nowak Industries by buying $30\%$ of Nowak's $37,700$ outstanding ordinary

shares at a total cost of $9$ per share on January $1,2020.$ On June $15,$ Nowak declared and paid a cash dividend of $25,900.$

On December $31,$ Nowak reported a net income of $86,900$ for the year.

Prepare all the necessary journal entries for $2020$ for $($a$)$ Carla Vista Cosmetics and $($b$)$ Kingbird Ltd$.($Credit account titles are

automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no

entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

$2020$

$($a$)$

$($b$)$