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Presented below are two independent situations:
(a) Blossom Inc. acquired 10% of the 422,000 shares of common stock of Schuberger Corporation at a total cost of $11 per share on June 17, 2020. On September 3, Schuberger declared and paid a $122,000 dividend. On December 31, Schuberger reported net income of $522,000 for the year.
(b) Splish Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 122,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2020. On May 15, Hunsaker declared and paid a cash dividend of $122,000. On December 31, Hunsaker reported net income of $222,000 for the year.
Problem 1: How to prepare necessary journal entries for 2020 for (a) Blossom and (b) Splish.
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