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Need help recording The following are two independent situations. Situation 1 Headland Cosmetics acquired 10% of the182,000shares of common stock of Martinez Fashion at a

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The following are two independent situations.

Situation 1

Headland Cosmetics acquired 10% of the182,000shares of common stock of Martinez Fashion at a total cost of $12per share on March 18, 2017. On June 30, Martinez declared and paid $76,700cash dividend to all stockholders. On December 31, Martinez reported net income of $113,500for the year. At December 31, the market price of Martinez Fashion was $13per share.

Situation 2

Sage, Inc. obtained significant influence over Seles Corporation by buying30% of Seless28,900outstanding shares of common stock at a total cost of $9per share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $35,400. On December 31, Seles reported a net income of $92,300for 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 0 for the amounts.)

Date Account Titles and Explanation Debit Credit
Situation 1: HeadlandCosmetics
Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017
Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017
Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017
Situation 2: Sage, Inc
Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017
Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017
Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017

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