Holmes inc obtained significant influence over nadal

Reference no: EM13587858

Hatcher Cosmetics acquired 10% of the 216,000 shares of common stock of Ramirez Fashion at a total cost of $16 per share on March 18, 2012. On June 30, Ramirez declared and paid a $84,800 cash dividend. On December 31, Ramirez reported net income of $127,800 for the year. At December 31, the market price of Ramirez Fashion was $18 per share. The securities are classified as available-for-sale.

Holmes, Inc. obtained significant influence over Nadal Corporation by buying 26% of Nadal's 31,400 outstanding shares of common stock at a total cost of $11 per share on January 1, 2012. On June 15, Nadal declared and paid a cash dividend of $36,900. On December 31, Nadal reported a net income of $93,800 for the year.Prepare all necessary journal entries in 2012 for both situations.

Reference no: EM13587858

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