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help!! The following are two independent situations. 1. 2. (a) Carla Vista Cosmetics acquired 10% of the 242,500 shares of common stock of Nevins Fashion
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The following are two independent situations. 1. 2. (a) Carla Vista Cosmetics acquired 10% of the 242,500 shares of common stock of Nevins Fashion at a total cost of $12 per share on March 18, 2022. On June 30, Nevins declared and paid a $52,600 dividend. On December 31, Nevins reported net income of $112,000 for the year. At December 31, the market price of Nevins Fashion was $14 per share. Prepare all the necessary journal entries for 2022 for (a) Carla Vista Cosmetics and (b) Metlock, Inc. (List all debit entries before credit entries. 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 required, select "No entry" for the account titles and enter O for the amounts.) (b) Metlock, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan's 32,100 outstanding shares of common stock at a total cost of $5 per share on January 1, 2022. On June 15, Rogan declared and paid a cash dividend of $35,600. On December 31, Rogan reported a net income of $90,000 for the year. Date June 15 June 30 V Dec. 31 V Jan. 1 Account Titles and Explanation Debit Credit
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