*Exercise 17-12 Your answer is partially correct. Try again. The following are two independent situations. Situation 1 Sandhill Cosmetics acquired 10% of the 187,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2017, On June 30, Martinez declared and paid $68,400 cash dividend to all stockholders On December 31, Martinez reported net income of $120,300 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Teal, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles's 30,200 outstanding shares of common stock at a total cost of $9 per share on January 1, 2017, On June 15, Seles declared and paid cash dividends of $37,500. On December 31, Seles reported a net income of $77,600 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 th account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 243109 00431001 lar. 18, 2017 Equit Invest une 30, 2017 Cash vidend Reven 700 31, 2017 Fair Value Adjustmen nrealized Holding Gain or Loss Incom 87 Situation 2: Teal, Inc Investment 154 une 15, 2017 sh uity Investment 125 @ 31, 201 uity Investm 328 Sales Revenue 328