Harris Cosmetics acquired 20% of the 300,000 shares of commonstock of Sia Collective at a total cost

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Harris Cosmetics acquired 20% of the 300,000 shares of commonstock of Sia Collective at a total cost of $16 per share onJuly 18, 2020. On September 30, Sia Collective declared & paida 40,000 dividend. On December 31, Sia Collective reported netincome of 160,000 for the year. At December 31, the market price ofSia Collective Fashion was $20 per share. The stock is classifiedas available for sale.

West, Inc. obtained significant influence over Cudi Corporationby buying 30% of Cudi’s 50,000 outstanding shares of common stockat a total cost of $8 per share on March 1, 2020. On August 15,Cudi declared & paid a cash dividend of 70,000. On December 31,Cudi reported a net income of 110,000 for the year.

Prepare journal entries for the books of Harris Cosmetics.

Prepare journal entries for the books of West, Inc.