E17-12 (Lo2,3) ournal Entries for Fair Value and Equity Methods) The following are two independent situations Situation 1: Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2017. On June 30, Martinez declared and paid $75,000 cash dividends to all stockholders. On December 31, Martinez reported net income of $122,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2: Monica, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles's 3000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $36,000 to all stockholders. On December 31, Seles reported a net income of $85,000 for the year Instructions Prepare all necessary journal entries in 2017 for both situations