ivanhoe Cosmetics acquired 10% of the 191000 shares of common stock of martinez

cix Class Notes-ACC-302-nixB /main.uni NEXT RCES Exercise 17-12 The following are two independent situations Situation 1 Ivanhoe Cosmetics acquired 10% of the 191,000 shares of Martinez declared and paid $69,200 cash dividend to all stockholders. On December 31, Martinez reported net income of $116,000 for the year. At December 31 co mon stock of Mart nez Fashion at a total cost of$14 per share on Mare 1, 2017 ou e3 the market price of Martinez Fashion was $15 per share. d situation 2 Shamrock, Inc. obtained significant influence over Seles Corporation share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $38,100. On December 31, Seles reported a net income of $78,200 for the year by buying 40% of Seles s 28,500 outstanding shares of com mon stock at atotal cost of SS per o3 Prepare all necessary journal entries in 2017 for both situations. (Credit account titles manually. I no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Situation 2: Shamrock, Inc MacBook Pro