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WileyPlus: Situation 1: Sweet Cosmetics acquired 10% of the 184.000 shares of...

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Accounting

WileyPlus:
Situation 1:
Sweet Cosmetics acquired 10% of the 184.000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18,2025. On June 30, Martinez declared and paid $69.400 cash dividends to all stockholders. On December 31, Martinez reported net income of $113,000 for the year. At December 31, the market price of Martinez Fashion was $14 per share.
Situation 2:
Pharoah, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles's 31.400 outstanding shares of common stock at a total cost of $9 per share on January 1,2025. On June 15, Seles declared and paid cash dividends of $39,100 to all stockholders. On December 31, Seles reported a net income of $85.000 for the year.
Prepare all necessary journal entries in 2025 for both situations.

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