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DO IT! 16.2 (LO2) Presented below are two independent situations: 1. Edelman Inc. acquired 10%...

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Accounting

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DO IT! 16.2 (LO2) Presented below are two independent situations: 1. Edelman Inc. acquired 10% of the 500,000 shares of common stock of Schuberger Corporation at a total cost of $11 per share on June 17, 2020. On September 3, Schuberger declared and paid a $160,000 dividend. On December 31, Schuberger reported net income of $550,000 for the year. 2. Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2020. On May 15, Hunsaker declared and paid a cash dividend of $150,000. On December 31, Hunsaker reported net income of $270,000 for the year. Prepare all necessary journal entries for 2020 for (a) Edelman and (b) Wen

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