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Business, 12.08.2020 23:01 alyssahockett4
The following are two independent situations.
1. Conchita Cosmetics acquired 10% of the 210,100 shares of common stock of Martinez Fashion at a total cost of $15 per share on March 18, 2014. On June 30, Martinez declared and paid a $77,700 cash dividend. On December 31, Martinez reported net income of $122,500 for the year. At December 31, the market price of Martinez Fashion was $17 per share. The securities are classified as available-for-sale.
2. Monica, Inc. obtained significant influence over Seles Corporation by buying 33% of Seles's 33,500 outstanding shares of common stock at a total cost of $11 per share on January 1, 2014. On June 15, Seles declared and paid a cash dividend of $45,800. On December 31, Seles reported a net income of $94,600 for the year.
Prepare all necessary journal entries in 2014 for both situations.
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The following are two independent situations.
1. Conchita Cosmetics acquired 10% of the 210,100 sha...
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