Exercise H-05 a-b These are two independent situations: 1. Ivanhoe Cosmetics acquired 11% of the 297,100 shares of common stock of Elite Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Elite declared and paid a $72,100 dividend. On December 31, Elite reported net income of $226,950 for the year. At December 31, the market price of Elite Fashion was $16 per share. 2. Bridgeport Inc. obtained significant influence over Kasey Corporation by buying 25% of Kasey's 32,600 outstanding shares of common stock at a total cost of $11 per share on January 1, 2020. On June 15, Kasey declared and paid a cash dividend of $34,800. On December 31, Kasey reported a net income of $111,000 for the year. Prepare all the necessary journal entries for 2020 for Ivanhoe 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.) Date Account Titles and Explanation Debit Credit Prepare all the necessary journal entries for 2020 for Bridgeport Inc. (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.) Date Account Titles and Explanation Debit Credit Activate Windows Go to Settings to activate Windows