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The following are independent situations. Situation 1 : Ivanhoe Cosmetics acquired 1 0 % of the 1 9 6 , 0 0 0 shares of

The following are independent situations.
Situation 1:
Ivanhoe Cosmetics acquired 10% of the 196,000 shares of common stock of Martinez Fashion at a total cost of $12 per share on March 18,2025. On June 30, Martinez declared and paid $69,400 cash dividends to all stockholders. On December 31, Martinez reported net income of $116,600 for the year. At December 31, the market price of Martinez Fashion was $13 per share.
Situation 2:
Shamrock, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles's 31,000 outstanding shar es of common stock at a total cost of $8 per share on January 1,2025. On June 15, Seles declared and paid cash dividends of $38,400 to all stockholders. On December 31, Seles reported a net income of $92,500 for the year.
Prepare all necessary journal entries in 2025 for both situations, (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Account Titles and Explanation
Situation 1: Ivanhoe Cosmetics
Debit
Credit
Cash
Dividend Revenue
Fair Value Adjustment
Unrealized Holding Gain or Loss - Equity
Situation 2: Shamrock, Inc
Equity Investments
Cash
Cash
Equity Investments
Equity Investments
Revenue from Investment
eTextbook and Media
List of Accounts
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