Current Attempt in Progress

These are two independent situations:

Pharoah Cosmetics acquired $13\%$ of the $278,500$ shares of common stock of Elite Fashion at a total cost of $$14$ per share on March $18,2022.$ On June $30,$ Elite declared and paid a $$69,800$ dividend. On December $31,$ Elite reported net income of $$263,120$ for the year. At December $31,$ the market price of Elite Fashion was $$15$ per share.

Sheffield Inc. obtained significant influence over Kasey Corporation by buying $25\%$ of Kasey's $30,500$ outstanding shares of common stock at a total cost of $$11$ per share on January $1,2022.$ On June $15,$ Kasey declared and paid a cash dividend of $$32,100.$ On December $31,$ Kasey reported a net income of $$120,900$ for the year.

Prepare all the necessary journal entries for $2022$ for Sheffield Inc. $($Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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

Unrealized Gain or Loss$-$Equity

Cash

$Ca$

Unrealized Gain or Loss$-$Equity

Unrealized Gain or Loss$-$Equity