Hello this question is regarding the entries for situation 2.

Exercise 17-12 Your answer is partially correct. Try again. The following are two independent situations. Situation 1 Buffalo Cosmetics acquired 10% of the 220,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2017. On June 30, Martinez declared and paid $69,600 cash dividend to all stockholders. On December 31, Martinez reported net income of $119,000 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Carla, Inc. obtained significant influence over Seles Corporation by buying 40% of Seles's 31,800 outstanding shares of common stock at a total cost of $9 per share on January 1, 2017. On June 15, Seles declared and paid cash dividends of $32,500. On December 31, Seles reported a net income of $77,300 for the year. Prepare all necessary journal entries in 2017 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.) Situation 2: Carla, Inc Jan. 1, 2017 Equity Investments 114480 Cash 114480 June 15, 2017 cash 13000 Dividend Revenue 13000 Dec. 31, 2017 Equity Investments 30920 Investment Income 30920