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Edelman Inc. acquired 10% of the dollar 72,000 shares of common stock of Schuberger Corporation at a total cost of dolar 12 per share on
Edelman Inc. acquired 10% of the dollar 72,000 shares of common stock of Schuberger Corporation at a total cost of dolar 12 per share on June 17, 2014. On September 3, Schuberger declared and paid a dollar 190, 500 dividend. On December 31, Schuberger reported net income of dollar 596, 300 for the year. Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 142, 100 outstanding shares of common stock at a cost of dollar 16 per share on January 1, 2014. On May 15, Hunsaker declared and paid a cash dividend of dollar 130, 400. On December 31, Hunsaker reported net income of dollar 228, 600 for the year. Prepare all necessary journal entries for 2014 for (a) Edelman and (b) Wen. (If no entry is required, select "No entry" for the account titles and enter O for the amounts
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