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Presented below are two independent situations: (a) Edelman Inc. acquired 10% of the 412,000 shares...

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Accounting

Presented below are two independent situations: (a) Edelman Inc. acquired 10% of the 412,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2017. On September 3, Schuberger declared and paid a $112,000 dividend. On December 31, Schuberger reported net income of $512,000 for the year. (b) Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsakers 112,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2017. On May 15, Hunsaker declared and paid a cash dividend of $112,000. On December 31, Hunsaker reported net income of $212,000 for the year. Prepare all necessary journal entries for 2017 for (a) Edelman and (b) Wen.

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