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The following are independent situstions. Setuation 1: Conchita Cosmetics acquired 10i6 of the 200,000 shares of common stock of Martinez Fashion at a total cost
The following are independent situstions. Setuation 1: Conchita Cosmetics acquired 10i6 of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18. 2025. On June 30, Martinez declared and paid 375,000 cash dividends to al stockholders. On Oecember 31 , Martinez reported net income of 5122,000 for the year, At December 31 , the marbet price of Martirez fashion was 515 per share Situation 2: Monica, Inc, obtained significant influence over Seles Corporation by buping 305 of Seles's 30,000 cutstanding shares of common stock at a total cost of $9 per share on lanuary 1, 2025 . On June 15 . Seles declared and paid cash dividends of 536,000 to all stockiolders. On December 31 seles feported a net incame of $85.000 for the year. Frepare all necessary journal entries in 2025 for both situations. iLst all debit entries before cred it entries. Credt occount tities are Gutomatically indented when amount is entered. Do not indent mansally. if no entry is required, select "No Entry" for the account titles and enter 0 tor the awounts. Record journal entries in the order presented in the
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