3. Chapter 16 Presented below are two independent situations. Prepare all the necessary journal entries for the year for (a) Gambino Cosmetics and (b) Kanza Inc. a) Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18. On June 30. Nevins declared and paid a $60.000 dividend. On December 31. Nevins reported net income of $122.000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classified as available-for-sale. b) Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1. On June 15, Rogan declared and paid a cash dividend of $30,000. On December 31, Rogan reported a net income of $80,000 for the year