Please answer the following question completely!

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Presented below are two independent situations: 1. Lorfeld Inc. acquired 10% of the 500,000 shares of common stock of Northbrook Corporation at a totalcost of $11 per share on June 17, 2012. On September 3 , Northbrook declared and paid a $160,000 dividend. On December 31, Northbrook reported net income of $550,000 for the year. 2. Saa Corporation obtained significant influence over MoCarthy Company by buying 30% of McCarthy's 100,000 outstanding shares of common stock at a cost of $18 per share on January 1, 2012. On May 15, McCarthy declared and paid a cash dividend of $150,000. On December 31 , McCarthy reported net income of $270,000 for the year. Prepare all necessary joumal entries for 2012 for (1) Lorfeld and (2) Saa