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Presented below are two independent situations: ( a ) Sunland Inc. acquired 1 0 % of the 4 1 8 , 0 0 0 shares
Presented below are two independent situations:
a Sunland Inc. acquired of the shares of common stock of Schuberger Corporation at a total cost of $ per share on June On September Schuberger declared and paid a $ dividend. On December Schuberger reported net income of $ for the year.
b Oriole Corporation obtained significant influence over Hunsaker Company by buying of Hunsaker's outstanding shares of common stock at a cost of $ per share on January On May Hunsaker declared and paid a cash dividend of $ On December Hunsaker reported net income of $ for the year.
Prepare all necessary journal entries for for a Sunland and b Oriole. List all debit entries before credit entries. If no entry is required, select No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered, Do not indent manually. Record entries in the order presented in the problem.
Date
Account Titles and Explanation
Debit
Credit
Cash
Cash
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