The following are independent situations.

Situation $1$:

Larkspur Cosmetics acquired $10\%$ of the $207,000$ shares of common stock of Martinez Fashion at a total cost of $$14$ per share on March $18,2025.$ On June $30,$ Martinez declared and paid $$70,100$ cash dividends to all stockholders. On December $31,$ Martinez reported net income of $$112,700$ for the year. At December $31,$ the market price of Martinez Fashion was $$15$ per share.

Situation $2$:

Cullumber, Inc, obtained significant influence over Seles Corporation by buying $40\%$ of Seles's $30,800$ outstanding shares of common stock at a total cost of $$9$ per share on January $1,2025.$ On June $15,$ Seles declared and paid cash dividends of $$33,000$ to all stockholders. On December $31,$ Seles reported a net income of $$86,300$ 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

Debit

Credit

Situation $1$: Larkspur Cosmetics

Situation $2$: Cullumber, Inc