situation 1 people tables acquired 15% of the 5 million shares of common stock of Robert sofas at a total cost of$8.50 per share on April 1. on August 8 Robert sofas declared and paid a $250K cash dividend. On December 31, Robert sofas market price was $9 per share and the company reported net income of $685K for the year.

Situation 2 on Jan 1, mica company purchased 40% of Santos Corp 500K outstanding shares of common stock at a total cost of$13 per share. on October 26, Santos declared and paid a cash dividend of $0.4 per share. on December 31 Santos reported a net income of $860K for the year and the market price of it's common stock was $14 per share.

prepare all necessary journal entries.