Date Debit Credit Credit Account Titles and Explanation Situation 1: Oriole Cosmetics

The following are two independent situations. Situation I Oriole Cosmetics acquired 10% of the 214,000 shares Of common stock of Martinet Fashion ata total cost of SIC per share on March 18, 2020. On June 30. Martinez declared and paid 379.700 cash dividend to all stockholders, On December 31. Martinez reported net income of $110,600 for the year. At December 31, the market price of Martinez Fashion was $15 per share Situation 2 Waterway, Inc. obtained significant influence over Seles Corporation by buying of Seles's 29800 outstanding shares Of common stock at a total cost of $9 per share on January I, 2020 On June 15. Seles declared and paid cash dividends of to all stockholders. On December 31, Seles reported a net income of $92,300 for the year, Prepare all necessary journal entries in 2020 for both situations. (Credit accamt titles are autonwticalty indented When ammant is entered. not indent manually If no entry is required, select No Entry" for the accamt titles and enter O for the amounts.)