E16-8 Presented below are two independent situations. COSm o Journautes curs 1. 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, 2017. On June 30, Nevins declared CO2,3) 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. 2. 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, 2017. 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