The following are two independent situations. Situation 1 Headland Cosmetics acquired 10% of the 191,000 shares of common stock of Martinez Fashion at a total cost of $ 14 per share on March 18, 2020. On June 30, Martinez declared and paid $ 80,900 cash dividend to all stockholders. On December 31, Martinez reported net income of $ 121,000 for the year. At December 31, the market price of Martinez Fashion was $ 15 per share. Situation 2 Sage, Inc. obtained significant influence over Seles Corporation by buying 30% of Seless 29,700 outstanding shares of common stock at a total cost of $ 10 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $ 33,000 to all stockholders. On December 31, Seles reported a net income of $ 79,200 for the year. Prepare all necessary journal entries in 2020 for both situations.