obtained significant influence over Focus Corporation Presented below are two independent situations. 1. Garrett Cosmetics acquired 10% of the 200,000 shares of common stock of Clyde Fashion at a total cost of $11 per share on March 18, 2013. On June 30, Clyde declared and paid a $60,000 dividend. On December 31, Clyde reported net income of $110,000 for the year. At December 31, the market price of Clyde Fashion was $15 per share. The stock is classified as non-trading. 2. Upton, Inc., obtained significant influence over Focus Corporation by buying 25% of Focus 40,000 outstanding shares of common stock at a total cost of $7 per share on January 1, 2013. On June 15, Focus declared and paid a cash dividend of $30,000. On December 31, Focus reported a net income of $80,000 for the year. Instructions Prepare all the necessary journal entries for 2013 for (a)Garrett Cosmetics and (b) Upton, Inc. Business Assignment Help, Business Homework help, Business Study Help, Business Course Help
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