ACC Question2

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Presented below are two independent situations.

Situation 1

Hatcher Cosmetics acquired 10% of the 206,400 shares of common stock of Ramirez Fashion at a total cost of $14 per share on March 18, 2012. On June 30, Ramirez declared and paid a $84,100 cash dividend. On December 31, Ramirez reported net income of $125,200 for the year. At December 31, the market price of Ramirez Fashion was $15 per share. The securities are classified as available-for-sale.

Situation 2

Holmes, Inc. obtained significant influence over Nadal Corporation by buying 26% of Nadal’s 32,900 outstanding shares of common stock at a total cost of $11 per share on January 1, 2012. On June 15, Nadal declared and paid a cash dividend of $41,100. On December 31, Nadal reported a net income of $86,100 for the year.

Prepare all necessary journal entries in 2012 for both situations.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Hatcher Cosmetics
March 18, 2012	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
June 30, 2012	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
Dec. 31, 2012	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
Holmes Inc.
Jan. 1, 2012	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
June 15, 2012	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
Dec. 31, 2012	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]

 

 

 

 

List Of Accounts    

Bonds Payable Call Option Cash Cost of Goods Sold Debt Investments Dividend Receivable Dividend Revenue Equity Investments Fair Value Adjustment Futures Contract Gain on Sale of Investments Interest Expense Interest Receivable Interest Revenue Inventory Investments Loss on Impairment Loss on Investments Loss on Settlement of Call Option Loss on Settlement of Put Option Memo Entry No Entry Notes Payable Put Option Retained Earnings Revenue from Investment Sales Revenue Swap Contract Unrealized Holding Gain or Loss – Equity Unrealized Holding Gain or Loss – Income

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