Situation $1$

Sandhill Tables acquired $15\%$ of the $5,100,000$ shares of common stock of Robot Sofas at a total cost of $$7\mathrm{.}70$ per share on April $1.2025.$ On August $8,$ Robot Sofas declared and paid a $$241,000$ cash dividend. On December $31,$ Robot Sofas market price was $$8\mathrm{.}20$ per share and the company reported net income of $$691,000$ for the year.

Situation $2$

On January $1,2025,$ Tamarisk Company purchased $40\%$ of Santos Corporation $523,000$ outstanding shares of common stock at a total cost of $$14$ per share. On October $25,$ Santos declared and paid a cash dividend of $$0\mathrm{.}40$ per share. On December $31,$ Santos reported a net income of $$894,000$ for the year and the market price of its common stock was $$15$ per share.

Prepare all necessary joumal entries in $2025$ for both situations. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

Situation $1$: Sandhill Tables

Situation $2$: Tamarisk Company.