Thank you!!!

Exercise 17-12

The following are two independent situations. Situation 1 Conchita Cosmetics acquired 10% of the 213,300 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2014. On June 30, Martinez declared and paid a $76,400 cash dividend. On December 31, Martinez reported net income of $128,900 for the year. At December 31, the market price of Martinez Fashion was $15 per share. The securities are classified as available-for-sale. Situation 2 Monica, Inc. obtained significant influence over Seles Corporation by buying 33% of Seless 33,900 outstanding shares of common stock at a total cost of $11 per share on January 1, 2014. On June 15, Seles declared and paid a cash dividend of $40,900. On December 31, Seles reported a net income of $89,000 for the year. Prepare all necessary journal entries in 2014 for both situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Debit Date Account Titles and Explanation Conchita Cosmetics March 18, 2014 June 30, 2014 Dec. 31, 2014 Monica, Inc Jan. 1, 2014 June 15, 2014 Dec. 31, 2014 Credit