{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T10:09:51-04:00", "answer_date": "2024-05-26 10:09:51", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1734189", "url": "\/study-help\/questions\/the-following-are-two-independent-situations-situation-1-pronghorn-cosmetics-1734189", "question_creation_date_js": "2024-05-26T10:09:51-04:00", "question_creation_date": "May 26, 2024 10:09 AM", "meta_title": "[Solved] The following are two independent situati | SolutionInn", "meta_description": "Answer of - The following are two independent situations. Situation 1 Pronghorn Cosmetics acquired 10% of the 212,000 shares of co | SolutionInn", "meta_keywords": "two,independent,situations,situation,1,pronghorn,cosmetics,acquired,10%,212,000,shares,common", "question_title_h1": " The following are two independent situations. Situation 1 Pronghorn Cosmetics acquired 10% of the 212,000 shares of common stock of Martinez Fashion at a", "question_title": " The following are two independent situations. Situation 1 Pronghorn Cosmetics acquired", "question_title_for_js_snippet": "The following are two independent situations Situation 1 Pronghorn Cosmetics acquired 10 of the 212,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020 On June 30, Martinez declared and paid $76,400 cash dividend to all stockholders On December 31, Martinez reported net income of $125,800 for the year At December 31, the market price of Martinez Fashion was $14 per share Situation 2 Stellar, Inc obtained significant influence over Seles Corporation by buying 40 of Seles's 31,700 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020 On June 15, Seles declared and paid cash dividends of $33,100 to all stockholders On December 31, Seles reported a net income of $77,900 for the year Prepare all necessary journal entries in 2020 for both situations (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 O for the amounts ) Date Account Titles and Explanation Debit Situation 1 Pronghorn Cosmetics Credit", "question_description": "\"image\"image\"image", "transcribed_text": "The following are two independent situations. Situation 1 Pronghorn Cosmetics acquired 10% of the 212,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $76,400 cash dividend to all stockholders. On December 31, Martinez reported net income of $125,800 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Stellar, Inc. obtained significant influence over Seles Corporation by buying 40% of Seles's 31,700 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $33,100 to all stockholders. On December 31, Seles reported a net income of $77,900 for the year. Prepare all necessary journal entries in 2020 for both situations. (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 O for the amounts.) Date Account Titles and Explanation Debit Situation 1: Pronghorn Cosmetics Credit", "related_book": { "title": "Advanced Accounting", "isbn": "978-0132568968, 9780132568968", "edition": "11th Edition", "authors": "Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/55.jpg", "uri": "\/textbooks\/advanced-accounting-11th-edition-9780132568968", "see_more_uri": "" }, "free_related_book": { "isbn": "0578317451", "uri": "\/textbooks\/the-world-after-capital-1st-edition-978-0578317458-106221", "name": "The World After Capital", "edition": "1st Edition" }, "question_posted": "2024-05-26 10:09:51", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/reference-frame-s-is-moving-along-the-x-axis-at", "description": "Reference frame S is moving along the x axis at 0.6c relative to frame S. A particle that is originally at x = 10 m at t 1 = 0 is suddenly accelerated and then moves at a constant speed of c\/3 in...", "stars": 3 }, { "url": "\/louisa-is-an-avid-cyclist-who-is-currently-working-on", "description": "Louisa is an avid cyclist who is currently working on her business degree. She normally rides an $ 800 bike to class. If Louisa locks her bike carefullylocks both wheelsthe chance of theft for the...", "stars": 3 }, { "url": "\/study-help\/horngrens-accounting-managerial\/do-you-have-a-specific-company-you-would-like-to-1782556", "description": "Do you have a specific company you would like to be working for in the next three to five years? What are the reasons you want to work for them?? GT-587", "stars": 3 }, { "url": "\/study-help\/psychology\/extrinsic-and-intrinsic-motivation-every-year-tens-of-thousands-of-1982577", "description": "Extrinsic and Intrinsic Motivation Every year, tens of thousands of people compete to be selected for reality television shows such as The Real World, Survivor, and American Idol. In exchange for...", "stars": 3 }, { "url": "\/valtec-company-has-three-manufacturing-divisions-listed-below-each-division", "description": "Valtec Company has three manufacturing divisions (listed below). Each division has its own job order costing system and forecasts the following manufacturing costs for the upcoming year: The...", "stars": 3 }, { "url": "\/study-help\/questions\/can-u-pls-explain-this-example-22-consider-the-execution-9860161", "description": "can u pls explain this EXAMPLE 2.2 Consider the execution of a program that results in the execution of 2 million instructions on a 400-MHz processor. The program consists of four major types of...", "stars": 3 }, { "url": "\/study-help\/personal-finance\/you-can-develop-your-personal-finance-skills-by-conducting-an", "description": "You can develop your personal finance skills by conducting an Internet search for related articles. Find a recent online article about personal finance that reinforces one or more concepts covered in...", "stars": 3 }, { "url": "\/study-help\/questions\/ans-plzz-76805", "description": "Let L sin 0 = 10 + log sin 0. The number of triangles ABC, such that log b + 10 = log e+L sin B is: (A) One (B) Two (C) Infinite (D) zero", "stars": 3 }, { "url": "\/study-help\/questions\/employment-law-garcia-v-spun-steak-co-998-f2d-1480-1008219", "description": "Employment Law Garcia v. Spun Steak Co., 998 F.2d 1480 (9th Cir. 1993) The defendant, Spun Steak Co., employs 33 workers, 24 of whom are Spanish-speaking. Two of the Spanish speakers speak no...", "stars": 3 }, { "url": "\/study-help\/questions\/solve-the-symbolic-expression-for-the-bending-moment-in-case-1024370", "description": "Solve the symbolic expression for the bending moment in case III. Also, solve the expression for the bending moment in case II in range of [0, L\/2]. I II III 11111 x y L\/2 * q 2q L\/2 B *", "stars": 3 }, { "url": "\/study-help\/questions\/1-is-working-at-a-job-for-15-an-hour-832977", "description": "1. Is working at a job for $15 an hour a manageable earning wage? Explain. 2. If necessary, what would you adjust in this budget? For example, the monthly student loan amount, the mortgage payment,...", "stars": 3 }, { "url": "\/study-help\/questions\/the-sales-budget-for-your-company-in-the-coming-year-835920", "description": "The sales budget for your company in the coming year is based on a quarterly growth rate of 20 percent with the first-quarter sales projection at $226 million. In addition to this basic trend, the...", "stars": 3 }, { "url": "\/study-help\/questions\/an-experienced-male-mentor-is-working-in-a-paid-relationship-983791", "description": "An experienced male mentor is working, in a paid relationship with a younger female mentee, helping her to think through her career options, following a breakdown in her personal relationship. The...", "stars": 3 }, { "url": "\/study-help\/questions\/below-is-the-esm-for-multmn-and-the-restated-question-8418554", "description": "Below is the ESM for Mult(m,n) and the restated question. Exercise 3.7: Recall the transition system Mult(m, n) from exercise 3.1. First., show that the invariant property (mode = stop) (y-m-n) is...", "stars": 3 }, { "url": "\/study-help\/questions\/the-problem-in-this-assignment-we-have-to-compute-the-252443", "description": "we have to compute the letter grades for a course. The data is a collection of student records stored in a file. Each record consists of a name(up to 20 characters), ID (8 characters), the scores of...", "stars": 3 }, { "url": "\/study-help\/international-business\/what-is-the-value-to-an-organization-of-maintaining-a-1678087", "description": "What is the value to an organization of maintaining a global talent pool? LO.1", "stars": 3 }, { "url": "\/study-help\/international-business\/under-what-circumstances-would-an-mne-staff-itself-with-a-1678084", "description": "Under what circumstances would an MNE staff itself with (a) parent-country nationals, (b) host country nationals, and (c) third-country nationals? LO.1", "stars": 3 }, { "url": "\/study-help\/international-business\/sony-has-experienced-labor-relations-problems-in-indonesia-and-elsewhere-1678081", "description": "Sony has experienced labor relations problems in Indonesia and elsewhere. What strategies should management follow to improve labor relations? What can it do to reduce the number and severity of...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/coronado-company-manufactures-a-checkin-kiosk-with-an-estimated-economic-1734188", "next": "\/study-help\/questions\/207-if-the-unit-cost-of-direct-materials-is-decreased-1734190" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " The following are two independent situations. Situation 1 Pronghorn Cosmetics acquired", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-following-are-two-independent-situations-situation-1-pronghorn-cosmetics-1734189" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }_id": "1" } }