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Presented below are two independent situations: (a) Oriole Inc. acquired 10% of the 415,000...

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Accounting

Presented below are two independent situations:
(a) Oriole Inc. acquired 10% of the 415,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share
on June 17,2022. On September 3, Schuberger declared and paid a $115,000 dividend. On December 31, Schuberger
reported net income of $515,000 for the year.
(b) Sheffield Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 115,000
outstanding shares of common stock at a cost of $15 per share on January 1,2022. On May 15, Hunsaker declared and paid a
cash dividend of $115,000. On December 31, Hunsaker reported net income of $215,000 for the year.
Prepare all necessary joumal entries for 2022 for (a) Oriole and (b) Sheffield. (List all debit entries before credit entries. If no entry is
required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is
entered. Do not indent manually. Record entries in the order presented in the problem.)
Date
Account Titles and Explanation
(a)
(b)
Debit
Credit
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