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السؤال هو ::

17-12. (Journal Entries for Fair Value and Equity Methods)

(Journal Entries for Fair Value and Equity Methods) Presented below are two

independent situations.

Situation 1

Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2003. On June 30, Martinez declared and paid a $75,000 cash dividend. On December 31, Martinez reported net income of $122,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. The securities are classified as available-for-sale.

Situation 2

Monica, Inc. obtained significant influence over Seles Corporation by buying 30% of

Seles's 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2003. On June 15, Seles declared and paid a cash dividend of $36,000. On December 31, Seles reported a net income of $85,000 for the year.

Instructions

Prepare all necessary journal entries in 2003 for both situations.

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التوقيع

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ch17.rar

[Mr.3LA2]

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