Presented below are two independent situations. 1. Gambino Cosmetics acquired 10% of the 190,000 shares of common stock of Nevins Fashion at a local cost of $13 per share on March 18, 2017. On June 30, Nevins declared and paid a $40,000 dividend. On December 31, Nevins reported net income of $112,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. Tge stock is classified as available-for-sale. 2. Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan's 32,000 outstanding shares of common stock at a total cost of $9 per share on January1, 2017. On June 15, Rogan declared and paid a cash dividend of $35,000. On December 31, Rogan reported a net income of $74,000 for the year.

- Prepare all the necessary journal entries for 2017 for (a) Gambino Cosmetics and (b) Kanza, Inc.

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