Business, 03.03.2020 02:10 nae467

The following are two independent situations.

Situation 1: Conchita Cosmetics acquired 10% of the 204,600 shares of common stock of Martinez Fashion at a total cost of $15 per share on March 18, 2014. On June 30, Martinez declared and paid a $77,200 cash dividend. On December 31, Martinez reported net income of $123,100 for the year. At December 31, the market price of Martinez Fashion was $17 per share. The securities are classified as available-for-sale.

Situation 2: Monica, Inc. obtained significant influence over Seles Corporation by buying 32% of Seles's 32,800 outstanding shares of common stock at a total cost of $11 per share on January 1, 2014. On June 15, Seles declared and paid a cash dividend of $40,400. On December 31, Seles reported a net income of $87,500 for the year.

Required:

Prepare all necessary journal entries in 2014 for both situations.

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The following are two independent situations.

Situation 1: Conchita Cosmetics acquired 1...

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