Reference no: EM131204926

Gambino Cosmetics acquired 10% of the 190,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2017. On June 30, Nevins declared and paid a $40,000 dividend. On December 31, Nevins reported net income of $112,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classified as available-for-sale. 2. Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan’s 32,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2017. On June 15, Rogan declared and paid a cash dividend of $35,000. On December 31, Rogan reported a net income of $74,000 for the year. Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bonds Payable Buildings Cash Cash Dividends Common Stock Common Stock Dividends Distributable Cost of Goods Sold Debt Investments Discount on Bonds Payable Dividend Revenue Dividends Payable Equipment Fair Value Adjustment-Available-for-Sale Fair Value Adjustment-Trading Fair Value Adjustment-Non-Trading Gain on Sale of Debt Investments Gain on Sale of Stock Investments Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Debt Investments Loss on Sale of Stock Investments No Entry Notes Payable Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Premium on Bonds Payable Prepaid Insurance Revenue from Stock Investments Stock Dividends Stock Investments Unrealized Gain or Loss-Equity Unrealized Gain on Non-Trading Unrealized Gain-Income Unrealized Loss-Income