Exercise 17-12 The following are two independent situstions. Situation 1 lvan he Cosmetics acquired 10% of the i 93,000 shares o, common stock of Martinez Fashion at a total cost of $14 per share on Haren i 8, 201 , On June 30, Martinez declared and paid $67,500 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share Situation 2 Shamrock Inc. obtained significant influence over seles Corporation by buying 40% of Seles's 30,700 outstanding shares of common stock at a total cost of $8 per share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $38,300. On December 31, Seles reported & net income of $84,200 for the year Prepare all necessary journal entries in 2017 for both situations. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 18, 2017Investment Income 270200 Cash June 30, 2017Cash Dividend Revenue Dec. 31, 2017 Common Stock Sales Revenue Jonathan Sow....docx Jonathan Sow... docx Show All 41