"Exercise 12-8 Presented below are two independent situations. 1. Gambino Cosmetics acquired 15% of the 143,600 shares of common stock of Nevins Fashion at total cost of $.12 per share on March 18, 2015. On June 30, Nevins declared and paid a $69,700 dividend. On December 31, 2. Kanza, Inc., obtained significant influence over Rogan Corporation by buying 30% of Rogan's 34,600 outstanding shares of co mon stock at a total cost of $5 per share on January 1, 2015. On June 15, Rogan declared and Nevins reported net income of s125,100 for the year. At December 31, the market price of Nevins Fashion was $14 per share. The stock is cdlassified as available-for-sale. paid a cash dividend of 530,200. On December 31, Rogan reported a net income of $73,800 for the yean Prepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries In the order presented in the problem. If no entry Is requlred, select "No entry" for the account titles and enter 0 for the amounts.) Debit No. Date Account Titles and Explanation Credit Question Attempts: 0 of 5 used