Exercise 16-8 Your answer is partially correct. Try again Presented below are two independent situations. (a) Gambino Cosmetics acquired 10% of 295.000 shares of common stock of Nevins Fashion at a total cost of $11 per share on March 18, 2017. on june 30, Nevins declared and paid a $74,300 dividend. On December 31, Nevins reported net income of $116,500 for the year. At December 31, the market price of Nevins Fashion was $13 per share. The stock is classified as available-for-sale. (b) Inc, obtained over Corporatio buying 30,000 outstanding shares ofcommon stock at a tota cost or szper,hare on January 1, 2017. On June 15, Rogan declared and paid a cash dividend of s31,300. On December Rogan reported a net income of S88,900 for the year 31, Prepare all the necessary journal entries for 2017 for (a) Gambino cosmetics and (b) Kanza, Inc. (credit account titles are automaticaly indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry for the account titles and enter the amounts.) Account Titles and Explanatlon Cash 324,500 June 30 Cash 2.430 59.000 L UDec. 31 UFair value Adjustment Ava Unrealized Gain Income