Exercise 17-12 Your answer is partially correct. Try again. The following are two independent situations. Situation 1 Blossom Cosmetics acquired 10% of the 185,000 shares of common stock of Martinez Fashion at a total cost of $12 per share on March 18, 2020. On June 30, Martinez declared and paid $79,800 cash dividend to all stockholders. On December 31, Martinez reported net income of $115,000 for the year. At December 31, the market price of Martinez Fashion was $13 per share. Situation 2 Blue, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles's 27,300 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $39,100 to all stockholders. On December 31, Seles reported a net income of $92,200 for the year. Prepare all necessary journal entries in 2020 for both situations. (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.) Date Credit Account Titles and Explanation Debit Situation 1: Blossom Cosmetics TMar. 18, 2020 ITGain on Sale of Investmen 222000 T Cash 222000 Tune 30, 2020 Cash 7980 T Dividend Revenue 7980 TDec. 31, 2020 TFair Value Adjustment 18500 I 18500 Unrealized Holding Gair Situation 2: Blue, Inc TJan. 1, 2020 Revenue from Investment 73710 Cash 73710 TJune 15, 2020 Cash 11730 Gain on Sale of Investn 11730 TDec. 31, 2020 ITGain on Sale of Investmen 27660 Investment Income 27660