Presented below are two independent situations 1 chicory

Reference no: EM13612995

Presented below are two independent situations. 1. Chicory Cosmetics acquired 15% of the 105,400 shares of common stock of Racine Fashion at a total cost of $15 per share on March 18, 2014. On June 30, Racine declared and paid a $72,800 dividend. On December 31, Racine reported net income of $114,950 for the year. At December 31, the market price of Racine Fashion was $17 per share. The stock is classified as non-trading. 2. Frank, Inc., obtained significant influence over Nowak Corporation by buying 30% of Nowak's 22,300 outstanding shares of common stock at a total cost of $5 per share on January 1, 2014. On June 15, Nowak declared and paid a cash dividend of $35,300. On December 31, Nowak reported a net income of $86,100 for the year. Prepare all the necessary journal entries for 2014 for

(a) Chicory Cosmetics and

(b) Frank, Inc.

Reference no: EM13612995

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