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The following are two independent situations. Situation 1 Concord Cosmetics acquired 10\% of the 212,000...

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Accounting

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The following are two independent situations. Situation 1 Concord Cosmetics acquired 10\% of the 212,000 shares of compon stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020, On June 30, Martinez declared and paid \$76,4CAcash dividend to all stockholders. On December 31, Martinez reported net income of $125,800 for the year, At December 31 , the market price of Martinez Fashion was $14 per share. Situation 2 Marigold, Inc obtained significant influence over Seles Corporation by buying 40\% of Seles's 31,700 outstanding shares of common stock at a total cost of $9 per share on January 1,2020. On June 15, Seles declared and paid cash dividends of $33,100 to all stockholders. On December 31 , Seles reported a net income of $77,900 for the vear. Prepare all necessary journal entries in 2020 for both situations. (Credit account titles are automotically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the occount tibles and enter o for the amounts)

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