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The following are independent situations. Situation 1 : Larkspur Cosmetics acquired 1 0 % of the 2 0 7 , 0 0 0 shares of

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
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