Presented below are two independent situations:
a Oriole Inc. acquired of the shares of common stock of Schuberger Corporation at a total cost of $ per share
on June On September Schuberger declared and paid a $ dividend. On December Schuberger
reported net income of $ for the year.
b Sheffield Corporation obtained significant influence over Hunsaker Company by buying of Hunsaker's
outstanding shares of common stock at a cost of $ per share on January On May Hunsaker declared and paid a
cash dividend of $ On December Hunsaker reported net income of $ for the year.
Prepare all necessary joumal entries for 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 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
