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CullumberCosmetics acquired 10% of the184,000shares of common stock of Martinez Fashion at a total cost of $13per share on March 18, 2020. On June 30,
CullumberCosmetics acquired 10% of the184,000shares of common stock of Martinez Fashion at a total cost of $13per share on March 18, 2020. On June 30, Martinez declared and paid $69,400cash dividend to all stockholders. On December 31, Martinez reported net income of $113,000for the year. At December 31, the market price of Martinez Fashion was $14per share.
Prepare all necessary journal entries in 2020 for both situations
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