The following are two independent situations. Situation 1 Floun acquired 10% of the 191,000 shares of common stock of Martin at a total cost of $14 per share on March 18, 2020. On June 30, Martir declared and paid $81,300 cash dividend to all stockholders. On December 31, Martin reported net income of $118,600 for the year. At December 31, the market price of Martin was $15 per share. Situation 2 Cul obtained significant influence over Sele Corpo by buying 30% of Seles's 32,500 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020. On June 15, Sele declared and paid cash dividends of $37,700 to all stockholders. On December 31, Sel reported a net income of $83,000 for the year. Prepare all necessary journal entries in 2020 for both situations. Date Debit Credit Account Titles and Explanation Situation 1: Floun