Situation 1 Swifty Cosmetics acquired 10% of the 218,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2017. On June 30, Martinez declared and paid $71,300 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,000 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Nash, Inc. obtained significant influence over Seles Corporation by buying 30% of Seless 32,300 outstanding shares of common stock at a total cost of $8 per share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $35,200. On December 31, Seles reported a net income of $82,000 for the year. Prepare all necessary journal entries in 2017 for both situations.

Date	Account Titles and Explanation	Debit	Credit
Situation 1: Swifty Cosmetics
choose a transaction date Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
Situation 2: Nash, Inc
choose a transaction date Jan. 1, 2017Mar. 18, 2017June 15, 2017June 30, 2017Dec. 31, 2017	enter an account title	enter a debit amount