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Make all necessary journal entries for both situations

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Question - Cullumber Cosmetics acquired 10% of the 184,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $69,400 cash dividend to all stockholders. On December 31, Martinez reported net income of $113,000 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Make all necessary journal entries in 2020 for both situations.

Reference no: EM132626169

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