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Question - Chicory Cosmetics acquired 15% of the 279,600 ordinary shares of Racine Fashion at a total cost of €10 per share on March 18, 2017. On June 30, Racine declared and paid a €79,200 dividend. On December 31, Racine reported net income of €122,520 for the year. At December 31, the market price of Racine Fashion was €12 per share. The stock are classified as non-trading.2.Frank, Ltd., obtained significant influence over Nowak Industries by buying 30% of Nowak's 38,700 outstanding ordinary shares at a total cost of €5 per share on January 1, 2017. On June 15, Nowak declared and paid a cash dividend of €25,700. On December 31, Nowak reported a net income of €75,000 for the year.
Required - Prepare all the necessary journal entries for 2017 for (a) Chicory Cosmetics and (b) Frank, Ltd.
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