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Edelman Inc. acquired 10% of the 520,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17,
Edelman Inc. acquired 10% of the 520,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2017. On September 3, Schuberger declared and paid a $145,000 dividend. On December 31, Schuberger reported net income of $505,000 for the year. 2. Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 154,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2017. On May 15, Hunsaker declared and paid a cash dividend of $196,000. On December 31, Hunsaker reported net income of $257,000 for the year. Prepare all necessary journal entries for 2017 for (a) Edelman and (b) Wen
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