Prepare the appropriate journal entries to recognize the first quartertransactions, currently reported in Other Assets - Holding in the balance sheet of Java the Hut (Parent Company) outlined in...

Prepare the appropriate journal entries to recognize the first quartertransactions, currently reported in Other Assets - Holding in the balance sheet of Java the Hut (Parent Company) outlined in Schedule The goal of the journal entries is to eliminate the balance in the Other Asset - Holding account with new accounts to reflect the appropriate accounting recognition Java the Hut Account AnalysisOther Assets - Holding Account Analysis as of 3/31/18Acquisition of New Castle Coffee on 1/1/18 Stock acquisition of 1,000 shares outstanding (Par Value $1.00) Percent of shares outstanding 100% Purchase price at settlement $150,000 Professional fees incurred $12,000 Debt set-up fees (revolving credit agreement) $6,000 Acquisition of New Castle Coffee on 1/1/18 1ss,ooo Equity investment in Newark Coffee Activity Purchase of 40% interest of shares outstanding 1/1 $44,000 Dividends received on 3/1 in cash $ (2,000) Equity investment in Newark Coffee Activity $42,000 Other Assets - Holding Account Analysis as of 3/31/18 $210,000 $ 44,000 $ (2,000) I$ 42,000 I I$ 210,000 I