FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Situation 1: Novak Cosmetics Mar. 18, 2025 June 30, 2025 Dec. 31, 2025 Situation 2: Splish, Inc Jan. 1, 2025 June 15, 2025 Dec. 31, 2025 Debt Investments Cash cash Dividend Revenue Fair Value Adjustment Unrealized Holding Gain or Loss - Equity Common Stock Cash Cash Sales Revenue Common Stock T Revenue from Investment III 270200 6750 19300 98240 15320 33680 27020 675 1930 9824 1532 3368
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Transcribed Image Text:Situation 1: Novak Cosmetics Mar. 18, 2025 June 30, 2025 Dec. 31, 2025 Situation 2: Splish, Inc Jan. 1, 2025 June 15, 2025 Dec. 31, 2025 Debt Investments Cash cash Dividend Revenue Fair Value Adjustment Unrealized Holding Gain or Loss - Equity Common Stock Cash Cash Sales Revenue Common Stock T Revenue from Investment III 270200 6750 19300 98240 15320 33680 27020 675 1930 9824 1532 3368
Situation 1: Novak Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2025. On June 30, Martinez declared and paid $67,500 cash dividends to all stockholders. On December 31, Martinez reported net income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2: Splish, Inc. obtained significant influence over Seles Corporation by buying 40% of Seles's 30,700 outstanding shares of common stock at a total cost of $8 per share on January 1, 2025. On June 15, Seles declared and paid cash dividends of $38,300 to all stockholders. On December 31, Seles reported a net income of $84,200 for the year. Prepare all necessary journal entries in 2025 for both situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.)
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Transcribed Image Text:Situation 1: Novak Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2025. On June 30, Martinez declared and paid $67,500 cash dividends to all stockholders. On December 31, Martinez reported net income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2: Splish, Inc. obtained significant influence over Seles Corporation by buying 40% of Seles's 30,700 outstanding shares of common stock at a total cost of $8 per share on January 1, 2025. On June 15, Seles declared and paid cash dividends of $38,300 to all stockholders. On December 31, Seles reported a net income of $84,200 for the year. Prepare all necessary journal entries in 2025 for both situations. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.)
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